The prolific commercial real estate investor said in an email that he formally acquired Sunset Plaza in Rocklin by acquiring the deed from the borrower.
“The location and design of the property is good. It just has been neglected because there was more money owed on it than it is worth,” he said. “To put it into perspective, the property has been in foreclosure for I believe over a year, and a receiver was appointed about six months ago.”
Sunset Plaza, at 5905-6015 Pacific St., is 73,225 square feet. Current tenants include Dollar Tree, Carquest and 7-Eleven. There are nine vacant storefronts, including a 29,420-square-foot co-anchor space.
Ethan Conrad Properties will formally take over management of the property at the end of this month and is planning a mid-level remodel. Conrad said the purchase price was just less than $5 million.
Near downtown Rocklin, Sunset Plaza is in an area where city officials are hoping property owners will reinvest in aging retail and industrial properties, as well as build new on undeveloped parcels. New housing is one of the city’s hoped-for outcomes, which also would boost nearby retail.
“Yes, there is definitely some growth and development in the immediate area, which is a plus,” Conrad said.