ELK GROVE, CA (MPG) - Representatives with Roseville-based real estate firms Gallelli Real Estate and Hanley Investment Group announced that The Shops at Laguna Reserve, located at 10040 to 10064 Bruceville Road, has been sold for $19,175,000 to a Los Angeles-based private investment company, Bershon Realty Company, LP.

It is a 33,308-square-foot, fully leased shopping center that is shadow-anchored by the relatively new Safeway grocery store located in the lot. Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the buyer. Adam Rainey, Pat Ronan and Aman Bains of Gallelli Real Estate represented the seller, a Roseville, California-based private investor.

A news release publicized by Monaghan Communications on Oct. 16 noted that the pad and shop buildings are occupied by a mix of national and local tenants, including Starbucks, Pacific Dental, Bank of America and Round Table Pizza. Additional tenants include a nail salon, dry cleaners, pet hospital, pet groomer and specialty food shops, with more than half of the tenants having maintained long-term occupancy, reflecting the property’s enduring appeal and consistent demand.

“We are very excited with this acquisition in beautiful Elk Grove,” said Brian George, general partner of Bershon Realty Company LP in the news release. “We love the fundamentals of this Donahue Schriber-developed center, and we look forward to making it even better to serve the local population.”

“This sale underscores the strength of Elk Grove's retail fundamentals and the enduring appeal of well-positioned, daily-needs centers,” said Adam Rainey, associate vice president of Gallelli Real Estate.

The Shops at Laguna Reserve spans four parcels totaling 4.16 acres at the hard-corner, signalized intersection of Whitelock Parkway and Bruceville Road, which according to the press release, sees an average of 24,000 vehicles per day. Six pad buildings were constructed in 2005, and in 2024, the Safeway was added.

The news release noted that the sale included ownership of the six buildings and the land beneath them, though Safeway was not part of the transaction. It also stated that The Elk Grove retail market maintains a low vacancy rate of 2.3% across 6.2 million square feet, driven by strong household demographics and limited new construction, which continue to push rental rates upward. The property sits in a densely populated area near Franklin High School and Toby Johnson Middle School, with more than 106,000 residents and 34,500 households within three miles.