Investor Grupe Huber of Stockton, California, has acquired the 14-property retail center known as The Promenade Shops at Orchard Valley for $36 million, according to CoStar and public data.
The shopping center was built in 2008 in the Stockton suburb of Manteca, and the June 2024 deal brokered by Colliers was reported to be the city's largest retail sale by total price in more than a decade. Promenade Shops is also among the city's largest retail properties, spanning 54 acres with 400,000 square feet of retail space.
The buyer and brokers said plans are in the works for redevelopment at the Manteca property, as Grupe Huber looks to fill about 100,000 square feet of vacancies with new tenants to complement existing ones that include Bass Pro Shops, AMC Theatres, J.C. Penney and Valley Fitness.
A panel of local real estate experts chose this deal to receive a CoStar Impact Award for sale/acquisition of the year for the Stockton/Modesto region, based on prospects for rejuvenating an established property and bringing other new business to the area in coming months.
About the sale: Grupe Huber acquired The Promenade Shops at Orchard Valley from a seller group that included Newark, New Jersey-based PGIM and Poag Development Group of Memphis, Tennessee, according to CoStar and public data.
What the judges said: "It's an active local group coming in with multiple opportunities to infuse capital into the project and reinvigorate the lifestyle center over the next several years," said Victor Adjei, director of asset management at Graceada Partners in Modesto. He called the acquisition "a win for the Manteca and surrounding markets."
"Promenade was a huge deal. Huge!" said John Hillas, principal at Hillas Appraisal Co. in Modesto.
They made it happen: El Warner, Charley Simpson, Andy Hodgson, Adam Lucatello, Ryan Gillard and Caitlin Zirpolo of Colliers; Bruce Carlson of Kennedy Wilson Property Services.