Commercial real estate investor Ethan Conrad has picked up the Folsom Pavilions shopping center with a new approach in mind.
Conrad, who closed escrow this week on the property for about $8 million, said it’s the first property he’s bought that includes a gas station.
“It’s a great location in Folsom and Folsom has excellent demographics,” Conrad said in an email about why he bought the property. “Also, the design of the property is good.”
At 6606-6610 Auburn-Folsom Road, the 42,759-square-foot center has such tenants as SpeeDee Oil Change and Pete’s Restaurant and Brewhouse. A Union 76 gas station is on the edge of the center, at the intersection with Greenback Lane. According to an Ethan Conrad Properties flier, the property has five vacancies, including one of about 5,700 square feet.
“The reason why the last owner wasn’t that successful with it is that his basis in the property was almost twice what mine is,” Conrad said. “We can offer lower lease rates and place the property in better condition than it was previously.”
Conrad said he will update the property by renovating the landscaping, resealing and restriping the parking lot and repainting the buildings, He said he also believes the combination of lower leases and improved property condition would attract new tenants.
One of the most prolific real estate investors in the region, Conrad said he’s also in contract to buy more properties, sell two and sign a major lease for another.