Market Reports_Q3 2023 Retail

JKG

Q3 RETAIL market report 2023 | GALLELLI REAL ESTATE

Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 GallelliRE.com

market overview

Q3 23

8.0%

±47,000 SF

$2.00 PSF

Direct Vacancy Rate

Net Absorption

Average Asking Rate (NNN)

±245,000 SF

4.5%

4.6%

3.8%

Under Construction

Sacramento Unemployment

California Unemployment

United States Unemployment

RETAIL MARKET OVERVIEW As of the close of Q3 2023, overall shopping center vacancy in the Sacramento region stood at 8.0%. This is up from the 7.9% rate recorded three months ago and reflects a more substantial increase from the 7.6% rate that was in place one year ago. In terms of occupancy growth, the market recorded -30,000 square feet (SF) of negative net absorption this quarter. This negative growth and uptick in vacancy comes in the wake of a few high-profile national bankruptcies, including the liquidation of Tuesday Morning, Bed Bath & Beyond and buybuy Baby stores. While overall demand in the marketplace remained positive in Q2 despite the Sacramento region seeing multiple Tuesday Morning stores going dark, the momentum shifted in Q3 with five local Bed Bath & Beyond and buybuy Baby stores being shuttered. That said, four of those vacancies have either been backfilled or already have letters of intent from new tenants. Nationally, the collapse of Bed Bath and its buybuy banners resulted in 896 storefronts—most of which were at least 30,000 SF in size—being vacated. Yet, within just three months of that liquidation roughly one third of those spaces have already lined up new tenants. The pace at which this is happening stands in stark contrast to what we saw with numerous big box failures prior to the pandemic. Keep in mind that in June 2018 when Toys R Us liquidated its national footprint of 735 stores, it took the better part of three years to backfill those spaces and they were both of similar size and quality in terms of their real estate.

In terms of the Sacramento region’s fundamentals, while the market may have recorded -30,000 SF of negative net absorption in Q3, we also saw the delivery of 41,000 SF of new space—mostly in the form of additional pad buildings in existing shopping centers and nearly all of that was occupied upon delivery. Additionally, there is roughly 245,000 SF of space currently in the construction pipeline. This new development is spread across multiple submarkets; mostly in the form of additional

pad buildings and phases at community/neighborhood shopping centers. The South Sacramento and Elk Grove markets account for two thirds of this space, which include additional buildings at the existing Delta Shores project and new retail near the recently opened Sky River Casino in Elk Grove. While this level of new development represents a slight uptick (since 2021, the market has averaged roughly 220,000 SF in the development pipeline at any given time), it still reflects near historic lows. Compared to the market’s 66 million square foot (MSF) inventory, this represents an increase of less than 0.4% of total space and remains a far cry from the levels seen in the 2000s, when there was an average of roughly 1.5 MSF being built at any given time— most of which was speculative in nature, which is no longer the case.

The current average asking rent for shopping center space across the region is $2.00 per square foot (PSF) on a monthly triple net basis, but because this average extends across all sizes and classes of available product, this number is best utilized as a benchmark only. It is not uncommon for secondhand large box space in Class B or C locations to have asking rents as low as $1.00 PSF or less, nor is it uncommon for newly constructed small shop space in premium locations or centers to have asking rates of $3.00 PSF or more.

Despite the slight uptick in vacancy, overall retail demand remains strong—the market recorded 547,000 SF of total gross absorption

Select Sacramento Region Retail Leases 2023 Q3 Address

Project Name

Submarket

SF Footage

Tenant

9200 Fairway Drive

Fairway Creek Shopping Center

Roseville/Rocklin

15,000

The Cave Store

1331 Broadway

1331 Broadway

South Sacramento

12,161

Little Whales Swim School

Tower Plaza

Arden/Howe/Watt

10,484

Dollar Tree

5905-6015 Pacific Street

Sunset Plaza

Roseville/Rocklin

8,492

Kester Consulting

5655 Hillsdale Boulevard

Olivewood Plaza Shopping Center

Rio Linda/North Highlands

5,543

Highlands Community Charter & Technical Schools

8890-8894 Greenback Lane

Former Bank of America Building

Carmichael/Citrus Heights/Orangevale

4,271

Abled, Inc.

4210 Rocklin Road

4210 Rocklin Road

Roseville/Rocklin

3,309

Fred Burger

705 E. Bidwell Street

Commonwealth Square

Folsom

2,820

Folsom Foot Spa

9580 Oak Avenue Parkway

Folsom Village Shopping Center

Folsom

2,265

Rarity Salon

150 Natoma Station Drive

Natoma Station

Folsom

2,192

Comprehensive Medical

6840 Five Star Boulevard

Five Star Boulevard

Roseville/Rocklin

2,114

Black Jack CA, Inc.

5198 Commons Drive

Rocklin Commons

Roseville/Rocklin

2,000

The Great Greek

2023 Vine Street

El Dorado Town Center

El Dorado Hills

1,682

Bambalina’s Bra and Lingerie Boutique

9050 Fairway Drive

Fairway Plaza

Roseville/Rocklin

1,516

National Medical

6610 Folsom Auburn Road

Folsom Pavilions

Folsom

1,412

Back to Health Chiropractic

1850 Douglas Boulevard

TJ Maxx Plaza

Roseville/Rocklin

1,350

Royal Spa & Massage

1750 Prairie City Road

1750 Prairie City Road

Folsom

1,293

Belly BBQ

3992 Foothills Boulevard

Elk Hills Plaza

Roseville/Rocklin

1,245

Café 86

380 Palladio Parkway

Palladio at Broadstone

Folsom

1,201

The Barber Lounge

5207 Madison Avenue

5207 Madison Avenue

Rio Linda/North Highlands

1,200

Liquor Mart

(deal activity) in Q3. Since the post-pandemic resurgence of activity that began in 2021, the market has averaged 519,000 SF of deal flow per quarter. But it is important to note that these latest numbers were inflated by some larger backfill deals for Bed Bath space.

Overall, our extensive interviewing of brokers and market participants indicates that deal flow has slowed from the breakneck pace established over the previous two years. In the case of many national credit tenants, many deals are taking longer to get through committee thanks to lingering economic uncertainty. Yet only a few major chains have backed away from the aggressive growth goals they set at the beginning of the year. For example, Dollar General entered 2023 with plans to open 1,000 stores. They have since revised that number downward to 950—still the remarkable pace of opening 2.6 stores per day, every day.

LOOKING AHEAD: GROWING HEADWINDS VS. DEMAND This is not to say that there are not growing headwinds. As this report went to press, the 2,200-unit Rite Aid was preparing to file Chapter

11, with analysts expecting them to shed up to 500 stores. The chain has already been quietly closing several stores around the US, with a couple of locations in Sacramento metro among them. Assuming a bankruptcy occurs, most analysts believe it will be a reorganization, as opposed to liquidation, but it is likely there will be additional closures in the region. Meanwhile, in addition to Rite Aid, credit rating agency CreditRiskMonitor is currently listing Joann, and Rent the Runway as being at high risk of bankruptcy, which could potentially have a modest impact locally. That same agency also lists The Container Store, Big Lots, Kirkland’s, and Petco as being at moderate risk, though an economic downturn would likely worsen that outlook.

All of which begs the question, after the surprisingly robust postpandemic rally, is retail about to revert to the patterns we saw in 2019, when the “retail apocalypse,” narrative was in full bloom?

We think not. But it does not mean we will be without challenges.

While the structural issues of eCommerce disruption have, for the better part of the last two decades, been the greatest challenge to physical retail, this is no longer the case. This reflects two things: the maturation of eCommerce and the shift of retailers towards omnichannel. For example, bookstores were one of the most impacted

categories and now roughly 80% of books are sold online. Yet, this year Barnes & Noble is returning to modest growth mode (roughly 30 new stores) after nearly 20 years of contraction. Meanwhile, prior to the pandemic, one third of apparel in the US was sold online. Now that number is roughly 50%. While there still may be some additional room for disruption, the online growth runway for most categories of retail is getting shorter. In fact, one of the stronger growth categories for retail now is formerly online-only, direct-to-consumer brands that are now driving growth via physical stores. Retail’s issues have largely moved from the structural to the cyclical, and those challenges are economic.

Since April of last year, economists have been debating whether the Federal Reserve (Fed) could engineer a “soft landing” in its attempts to curb inflation, or whether a recession was simply a given. In August 2022, 72% of the members of the National Association of Business Economists (NABE) anticipated a recession within the next six months.

That pessimism has since reversed itself. In their recently conducted August 2023 survey, 69% of NABE economists said they see a “soft landing” on the horizon. So far, the economy has proven to be far more resilient than analyst expectations with both consumer spending and the labor markets defying forecasts and outperforming.

This has certainly remained the case for the labor market; September’s job report reflected job creation of a whopping 336,000 new positions.

However, the biggest drivers of growth were leisure and hospitality (+96,000), government (+73,000), and healthcare (+41,000).

Employment growth for the categories that drive office employment were substantially below those levels with professional and business services (+21,000), financial services (+3,000), and information (-5,000) job growth reflecting an entirely different picture.

Meanwhile, consumer spending has been coming back to earth. The most recent retail sales report from the Census Bureau reflected 2.5% annual growth in August. Despite the elevated inflationary pressures that have been in play since late 2021, this metric has remained positive since the early days of the pandemic (May 2020). But this metric has measured outsized gains in 2021 (averaging 19.0% y-o-y for each month) and 2022 (averaging 9.8% annual growth). But since March 2023 retail sales have fallen below the 5.0% growth rate.

Meanwhile, much of the excess savings that consumer built up during

the pandemic (roughly $2.1 trillion according to Bureau of Economic Analysis) has dissipated—falling by $1.6 trillion through May 2023.

Meanwhile, household credit card debt has also climbed. According to the Federal Reserve, Americans owed $4.2 trillion in non-housing debt at the end of 2020. By midyear 2023, this number had climbed to $4.7 trillion. Meanwhile, most of the programs that the government put in place to shore up the economy and consumer finances in the pandemic are gone. The pause in student loan repayments ends in October, meaning that a large swath of Gen Z and younger Millennial consumers are about to take a considerable financial hit. It is unclear if this will finally derail the growth trend in consumer spending that has been in place since late 2020, but retail spending is facing significant headwinds heading into the final months of 2023 with holiday spending expected to be muted.

As of Fall 2023, with economic indicators remaining mixed, the US economy is in what could be best described as a “hold your breath moment,” where it will become apparent if the Fed has successfully engineered a “soft landing,” versus a bumpy one, or a crash landing.

Economic readings regarding job creation, retail sales and inflation will have outsized importance over the next few months as the longer-term impacts of the Fed’s rate hike campaign increasingly become clear.

However, most economic forecasters that see a recession as likely in the next six months believe it likely to be short and shallow.

What is likely to be more challenging for the commercial real estate market is the continued possibility of future Fed rate hikes. August’s inflation report (the most recent data as this report went to press) reflected an uptick in from 3.4% to 3.5% annually. That number was thanks to elevated energy prices that were in place before the October Hamas attacks on Israel, which have initially resulted in additional upward pressure on oil. Meanwhile, September’s incredibly robust jobs report is another factor that makes it more likely the Fed will raise interest rates yet again.

WHAT DOES IT MEAN FOR RETAIL? Most of the chains currently on credit agency bankruptcy watch lists today are retailers that were on those lists prior to the pandemic. Yet we continue to see a new wave of growth with the national market

entering its third year in which planned store openings outpace planned closings.

According to market research firm Coresight, which tracks the opening and closing plans of major retail chains, store openings outpaced closures in 2021 for the first time since 2016. The ratio of stores opening to closing only increased in 2022, with Coresight reporting an estimated 5,200 new store openings for 2023 against just 2,800 chain store closures.

But this is only part of the picture. Coresight tracks traditional retail but does not include in their totals many categories that have become critically active shopping center tenants like restaurants or health clubs. Service-related retail also returned to robust rebuilding mode starting in 2021 as everything from gym/health club concepts to beauty salons/spas, experiential entertainmentbased concepts and, the biggest growth driver of them all, a rebuilding restaurant sector have driven retail vacancy levels downward. Fitness concepts alone could expand nationally by over 1,000 units in the year ahead, assuming the franchise-driven ones can live up to their stated goals. In the restaurant category alone, we could be looking at somewhere near 7,000 openings ahead overwhelmingly driven by QSRs and fast casual concepts.

This explosion of growth from the food and beverage sector is being driven by both industry stalwarts and new upstart chains across the dining spectrum, but the most aggressive growth is coming from QSR coffee, chicken, poke, boba tea, and Asian fusion concepts. Fine dining is also in growth mode, though those numbers pale by comparison. Meanwhile, even casual dining—which had been downsizing throughout the 2010s—is back in growth mode thanks to new breakfast/brunch, craft brewing and wine bar concepts as well as a select few established brands that are connecting with consumers.

Also active is a wave of new experiential/ entertainment space users that are overwhelmingly mall driven. As of September 2023, planned growth from competitive socializing concepts focused on everything from golf to pickleball to awe throwing, combined with bar/arcade, interactive museum/ art, escape room and family amusement chains promised the potential of nearly 10 MSF of occupancy growth through the end of 2024. These, along with the recent growth uptick from luxury or

celebrity-driven brands (Fabletics, Savage x Fenty, etc.) are overwhelmingly heading either to America’s mall/lifestyle center space or urban and/or tourism-driven sites.

If the economy manages to avoid a recession in the next six months, we think these demand levels are going to hold at, or near, current levels. Most economists believe that if a downturn does occur, it will be short and shallow, in which case we can likely expect a few more retail failures and the potential of some chains pulling back on growth plans, but as one site selection manager for a prominent off-price apparel chain told us, “the market is so tight right now for finding great space that we don’t expect to pull back on growth unless things were to get really challenging.”

In the meantime, we anticipate that vacancy levels will stay at, or near, current levels.

Continued occupancy growth will be challenged by potential bankruptcies as well as deliveries. But we expect the retail market to remain among the most active of commercial real estate property types in Sacramento during the final quarter of 2023.

This includes retail investment, though all property types continue to struggle in the aftermath of Federal reserve rate hikes with a significant gap between bid/ask and the unwillingness of sellers to offload premier properties considering improved leasing fundamentals and downward pressure on pricing that have come about as a result of significantly increased lending costs.

Q3 23

retail market report Criteria based on: Retail in a Shopping Center. Includes Existing, Under Construction, Proposed, Final Planning Net Absorption Inventory

Existing Vacant SF

Vacancy Direct (%)

Arden/Howe/Watt

7,105,022

1,045,180

Strip Centers

1,094,075 3,862,387 513,356 1,652,927

105,775 240,682 167,707 533,840

3,115,641

143,872

413,257 1,630,083 886,142 186,159 -

26,968 107,060 9,844 -

7,671,579

Submarket

SF Delivered

SF Under Construction

Avg. Asking Rate PSF

Avg Asking Rent PSF One Year Ago

Average Asking Rent % Change Annually

Total Quarterly

Last Four Quarters

14.7%

(9,974)

(38,198)

3,521

31,056

$1.95

$1.90

2.6%

9.7% 6.2% 32.7% 32.3%

1,792 (5,236) 620

(26,122) 57,040 (20,238) 1,365

-

31,056 -

$1.87 $2.05 $2.10 -

$1.83 $2.00 $2.05 -

2.2% 2.5% 2.4% -

4.6%

216

(5,517)

-

-

$1.90

$1.85

2.7%

6.5% 6.6% 1.1% -

2,161 (4,595) 2,650 -

4,390 (15,403) 5,496 -

-

-

$1.70 $1.85 $2.35 -

$1.65 $1.80 $2.30 -

3.0% 2.8% 2.2% -

929,642

12.1%

137,512

(193,843)

-

5,000

$1.85

$1.80

2.8%

1,394,507 4,820,359 337,725 1,118,988

114,678 352,348 41,992 420,624

8.2% 7.3% 12.4% 37.6%

20,556 85,649 42,000 (10,693)

53,959 32,611 8 (280,421)

-

5,000 -

$1.80 $1.95 $2.05 -

$1.75 $1.90 $1.90 -

2.9% 2.6% 7.9% -

Davis/Woodland

3,354,060

347,860

10.4%

(168,555)

(114,576)

29,275

3,800

$2.25

$2.20

2.3%

Strip Centers

204,515 2,237,222 489,615 422,708

10,101 142,837 7,200 187,722

4.9% 6.4% 1.5% 44.4%

22,924 (3,757) (187,722)

24,025 15,227 28,440 (182,268)

29,275 -

3,800 -

$2.10 $2.10 $2.50 -

$2.05 $2.05 $2.30 -

2.4% 2.4% 8.7% -

1,591,136

128,361

8.1%

(2,670)

14,839

-

-

$2.55

$2.50

2.0%

426,600 604,049 560,487 -

17,191 75,090 36,080 -

4.0% 12.4% 0.0% 6.4% -

1,391 (4,061) -

1,135 (1,336) 15,040 -

-

-

$2.60 $3.00 -

$2.50 $2.95 -

4.0% 1.7% -

El Dorado Hills

2,478,140

153,894

6.2%

(4,133)

(793)

5,500

5,860

$2.05

$2.00

2.5%

Strip Centers

366,669 1,560,356 551,115 -

50,328 96,526 7,040 -

13.7% 6.2% 0.0% 1.3% -

(1,816) (7,790) 5,473 -

1,306 (13,072) 10,973 -

5,500 -

5,860 -

$2.00 $2.30 $2.85 -

$1.95 $2.20 $2.76 -

2.6% 4.5% 3.3% -

4,501,703

118,169

2.6%

(22,888)

(20,723)

-

79,500

$2.30

$2.15

7.0%

411,815 2,648,403 1,185,144 256,341 -

33,275 34,969 49,925 -

8.1% 1.3% 4.2% -

2,400 3,997 (29,285) -

2,187 6,396 (45,160) 15,854 -

-

44,500 35,000 -

$2.00 $2.50 $2.50 -

$1.95 $2.45 $2.40 -

2.6% 2.0% 4.2% -

4,465,067

181,372

4.1%

18,771

56,299

-

-

$2.00

$1.95

2.6%

404,870 3,210,876 849,321 -

17,382 112,654 51,336 -

4.3% 3.5% 6.0% 0.0%

6,066 12,705 -

17,633 5,329 33,337 -

-

-

$2.00 $2.15 $3.30 -

$1.95 $2.10 $3.25 -

2.6% 2.4% 1.5% -

Highway 50

3,454,747

399,907

11.6%

26,194

162,776

5,950

11,800

$1.76

$1.70

3.4%

Strip Centers

645,689 2,809,058 -

65,435 334,472 -

10.1% 11.9% -

(701) 26,895 -

23,458 139,318 -

5,950 -

11,800 -

$1.70 $1.85 -

$1.60 $1.75 -

6.3% 5.7% -

Warehouse / Distribution

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Auburn/Lincoln/Loomis Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Carmichael/Citrus Heights/ Orangevale Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Downtown/Midtown/East Sacramento Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Elk Grove Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Folsom Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Q3 23

retail market report Criteria based on: Retail in a Shopping Center. Includes Existing, Under Construction, Proposed, Final Planning Net Absorption

Submarket

Inventory

Existing Vacant SF

Natomas

3,071,776

91,124

Regional/Super Regional Malls

210,026 1,421,599 1,440,151 -

4,190 35,376 51,558 -

Rio Linda/North Highlands

2,873,411 730,822 2,142,589 -

Roseville/Rocklin Strip Centers

Vacancy Direct (%)

SF Delivered

SF Under Construction

Avg. Asking Rate PSF

Avg Asking Rent PSF One Year Ago

Average Asking Rent % Change Annually

Total Quarterly

Last Four Quarters

3.0%

26,299

21,701

-

3,000

$1.95

$1.90

2.6%

2.0% 2.5% 3.6% -

(2,706) 31,031 (2,026) -

(1,740) 31,401 (7,960) -

-

3,000 -

$1.80 $2.00 -

$1.75 $1.90 -

2.9% 5.3% -

208,829

7.3%

(9,351)

(29,576)

-

-

$1.55

$1.50

3.3%

57,870 150,959 -

7.9% 7.0% -

(3,962) (5,389) -

768 (30,344) -

-

-

$1.50 $1.55 -

$1.40 $1.50 -

7.1% 3.3% -

11,640,184

581,980

5.0%

9,448

137,065

-

13,300

$2.05

$1.92

6.8%

1,103,477 5,123,796 3,551,613 461,431 1,399,867

95,698 387,016 81,484 17,782 -

8.7% 7.6% 2.3% 3.9% -

1,681 2,953 (5,230) 1,399 8,645

(6,703) 52,015 68,363 7,536 15,854

-

6,800 6,500 -

$1.80 $2.05 $2.20 $2.75 -

$1.70 $1.95 $2.10 $2.70 -

5.9% 5.1% 4.8% 1.9% -

8,533,741

826,929

9.7%

(33,466)

44,477

-

91,473

$2.05

$2.00

2.5%

1,244,366 5,453,082 1,714,292 122,001 -

38,370 455,351 275,646 57,562 -

3.1% 8.4% 16.1% 47.2% -

(4,198) (27,183) 13,654 (15,739) -

1,508 79,842 (232,922) (15,739) -

-

12,000 59,224 20,249 -

$1.75 $2.00 $2.30 $2.50 -

$1.75 $1.90 $2.30 $2.40 -

5.3% 4.2% -

West Sacramento

2,072,114

115,262

5.6%

(4,169)

10,439

-

-

$1.70

$1.60

6.3%

Strip Centers

108,826 874,944 1,088,344 -

4,965 99,778 10,519 -

4.6% 11.4% 1.0% -

1,000 (2,150) (3,019) -

5,724 6,834 (2,119) -

-

-

$1.65 $1.90 $2.30 -

$1.60 $1.80 $2.25 -

3.1% 5.6% 2.2% -

65,946,044

5,275,205

8.0%

(29,616)

(117,175)

40,725

244,789

$2.00

$1.90

5.3%

Strip Centers

8,759,514

642,226

7.3%

46,588

101,528

29,275

25,600

$1.85

$1.75

5.7%

Community/ Neighborhood Centers

38,398,803

2,625,118

6.8%

103,069

365,858

11,450

163,940

$1.95

$1.90

2.6%

Power Centers

11,206,382

695,875

6.2%

18,744

(206,092)

-

20,249

$2.00

$1.90

5.3%

Lifestyle/Outlet Centers

2,986,855

169,800

5.7%

(8,867)

67,001

-

35,000

$2.85

$2.75

3.6%

Regional/Super Regional Malls

4,594,490

1,142,186

24.9%

(189,150)

(445,470)

-

-

-

-

-

Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers

Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

South Sacramento Strip Centers Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Community/Neighborhood Centers Power Centers Lifestyle/Outlet Centers Regional/Super Regional Malls

Totals

about gallelli real estate

Gallelli Real Estate is a private firm that specializes in commercial real estate services and property management. We believe that as a boutique firm whose understanding of the business runs as deep as our core values, our advantage is large. We take pride in our unique approach to offer more individual solutions that address the ever changing needs of our clients and the industry. After all, our success is measured by the success of our clients and the strength and longevity of our relationships.

For the latest news from Gallelli Real Estate, visit GallelliRE.com, or follow us on LinkedIn.

Gary Gallelli President 916 784 2700 gary@GallelliRE.com

Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700

JKG

GALLELLI BROKER TEAMS INVESTMENT Gary Gallelli

CEO - Partner gary@gallellire.com

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Associate Vice President arainey@gallellire.com

RETAIL Kevin Soares

Bob Berndt

Matt Goldstein

Kurt Conley

Vice President mgoldstein@gallellire.com

Senior Associate kconley@gallellire.com

Robb Osborne

Brandon Sessions

Executive Vice President | Partner ksoares@gallellire.com

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Senior Vice President | Partner jhagan@gallellire.com

OFFICE Partner rosborne@gallellire.com

Senior Vice President bsessions@gallellire.com

CAPITAL MARKETS RESEARCH Kristopher Krise Capital Markets Advisor kkrise@gallellire.com

JKG Gallelli Real Estate 3005 Douglas Blvd #200 Roseville, CA 95661 P 916 784 2700 GallelliRE.com

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gbrown@gallellire.com

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Associate kkuhn@gallellire.com

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