Sacramento-Area Mall Fetches $15 Million in Sale
Encino, Calif.–based R&A Associates has purchased the County Fair Mall in Northern California from Santa Ana, Calif.–based Triple Net Properties LLC for $15.1 million.
The 400,000-square-foot mall, located in Woodland, Calif., near Sacramento, houses JCPenney, Gottschalks, Mervyn’s, Pacific Sunwear and Target, among others. The center has been struggling with vacancy rates of about 40 percent but is an attractive property because it’s the only major shopping center within 25 miles, said RichardWalter, president of Faris Lee Investments, which represented the sellers.
R&A is managed by builder Raymond Arjmand, whose company provides designing, building and consulting services. The mall was last sold in 1999, when Triple Net acquired the property from Pacific Life Insurance for an undisclosed sum. The mall was built in 1986. —Robert McAllister
