Ethan Conrad buys three commercial properties in San Joaquin County

Ethan Conrad has bought three properties in San Joaquin County, including Lakewood Shopping Center in Lodi. Photo Credit: CUSHMAN & WAKEFIELD

By Ben van der Meer – Senior Reporter, Sacramento Business Journal

Oct 10, 2023

Real estate investor Ethan Conrad looked one county to the south for his latest shopping spree of commercial properties.

The Sacramento-based founder and CEO of Ethan Conrad Properties announced late last month his purchase of three properties in San Joaquin County, both office and retail.

“What’s really interesting about Stockton and most of the Central Valley, is that the amount of office buildings did not get overbuilt like it did in the Sacramento area, and therefore, the office vacancy rate for Stockton and most of the Central Valley is less than half of what the vacancy rate is for the greater Sacramento area,” Conrad said in an email.

One of the properties, Sherwood Executive Center, is about 95% leased at the moment, he said, but rents are below fair market value.

According to Conrad, the purchased properties are:

  • Sherwood Executive Center, an office building of about 54,000 square feet at 5250 Claremont Ave. in Stockton.
  • Lakewood Shopping Center, a retail property of about 70,148 leasable square feet at 1320 W. Lockeford St. in Lodi.
  • Starbucks Plaza, a retail property of 8,772 leasable square feet at 210/224 North Ham Lane in Lodi.

Conrad said Sherwood Executive cost about $5 million, Lakewood Shopping Center about $10.8 million and Starbucks Plaza about $1.8 million.

All three properties could benefit from some value-add work, he said, and Sherwood Executive in particular needs higher rents and lower expenses.

Lakewood, currently anchored by a Dollar Tree, Ace Hardware and In-Shape Health Clubs, is about 90% leased, he said. Starbucks Plaza, about 30% leased, has both empty space to fill and a former Umpqua Bank location that could be converted for a fast-food use, Conrad said.

That center also has empty land that could also house another drive-thru restaurant. “We do have good tenant interest already,” he said of all three properties.

Records show entities affiliated with Stockton-based Stone Brothers & Associates owned all three properties. The company referred inquiries to El Dorado Hills-based ProEquity Asset Management, which didn’t return messages seeking comment this week.

Cushman & Wakefield brokers in Sacramento and San Francisco brokered the deal.

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