Steadfast Commercial Acquires Sunrise Mall

FOR IMMEDITATE RELEASE

Monday, February 4, 2008
Kristi Keene, Director of Corporate Retail Marketing
kkeene@steadfastcompanies.com
(425) 322-7177

Citrus Heights, CA: – Steadfast Commercial Properties Retail Division, based in Newport Beach, California has acquired Sunrise Mall, a 1.2 million square foot super-regional shopping center in Citrus Heights, California.  Located 15 miles north-east of Sacramento, Sunrise Mall is a super-regional property featuring Macy’s, Macy’s Men & Home, JCPenney, Sears, United Artist Theaters and 115 shops, services and specialty retailers.  The center was originally constructed in 1971 and received a $13 million dollar renovation in 1999.  Most recently in 2007, a new 400 seat food court was added to the center which features an indoor fireplace and comfortable seating areas.

Building on the center’s strong occupancy level of 94%, Steadfast will focus on broadening the center’s merchandising mix with plans to enhance the overall property through major redevelopment.  “Re-merchandising will be a major focus for Steadfast” said James Martin del Campo, Director of Leasing for Steadfast Commercial Properties.  Senior Vice President, Jim Yoder adds “Sacramento represents one of the most active retail markets in the country with respect to national retailer expansions, new stores, new concepts and Sunrise Mall is well positioned as a key infill location that caters to a huge existing population. “

Another key area of focus will be the expansion and densification of the Sunrise Mall property. “We clearly see the opportunity to transform and redevelop portions of the property into a vibrant shopping center that people spend considerable time at shopping, dining and being entertained” stated Vice President,  Dean Curci.

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