After getting an offer he couldn't turn down, real estate investor Ethan Conrad has sold a retail property in Elk Grove.
Conrad sold Stonelake Landing, at 2501-2619 W. Taron Court, to a local investor for $12.65 million.
In an email, Conrad said the sale of the 74,890-square-foot center was unusual because he typically only sells properties with at least 50 percent vacancy to owner-users. At the time of sale, about 60 percent of the property was leased.
"The reason I sold it, even though I normally wouldn't, is because it made sense to do so, given the offered price," he said. Escrow closed on the property last week.
He also said the new owner, whom he did not identify, has successfully owned and managed other retail properties in Elk Grove, which may explain the interest in Stonelake Landing.
Stonelake Landing consists of seven retail buildings and two undeveloped parcels of land. A leasing flier provided by Ethan Conrad Properties Inc. shows 13 available spaces within the developed buildings, though most of those spaces are less than 2,000 square feet. Current tenants include PK Pizza, AJ's Subs, Stonelake Nail Salon and Farmers Insurance. One of the undeveloped pads is approved for a drive-thru restaurant.
Conrad said he bought the property in 2014. At the time, he paid about $5 million. Later that year, Conrad sold a Stonelake Landing parcel containing a Carl's Jr. separately from the property for $2.125 million.
Bruce Wirt, of Kidder Mathews, represented the buyer for Stonelake Landing. Wirt referred inquiries about the owner's plans to an attorney for the buyer. The attorney could not be reached for comment Wednesday.
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