Ethan Conrad Properties, Inc., a Sacramento-based a commercial real estate investment company led by Ethan Conrad, purchased Plaza de Oro in Rancho Cordova, CA from Core Commercial this month for $3.4 million. The foreclosed property has been up for sale since last October; according to a Sacramento Business Journal article, originally brokers Jon Gianulias, John DuBois and Mark Denholm, who represented Chase REO in the deal, had the center listed for $5.45 million.
Plaza de Oro consists of four buildings totaling 81,009 square feet with a mix of retail, office and/or industrial use, conveniently located off of Sunrise Boulevard and surrounded by busy commercial and residential areas. 2901-2951 Sunrise Boulevard boasts current tenants including Togo's, Aladdin Cafe, M. Shahrzad Restaurant and an Allstate agent office. Conrad plans to invest more than $100,000 into the property that is only 41% occupied. "We're getting good activity even though I've owned it only two weeks," he said Friday. He’s renewed one lease, has another lease renewal pending, and expects to sign a new lease in a few days.
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