Coldwell Banker CommercialNorthern California Retail Division

ULTA Beauty Sold - Chico

A remarkable commercial real estate development cycle has concluded with the sale of a brand new Ulta Beauty store in Chico, California.  The sale marks a unique milestone in the creation of a quality asset.  The journey began July of 2014, when a 1.17 acre dirt pad parcel was purchased by Kitchell Development Company with Mike Donnelly of Coldwell Banker Commercial representing the Buyer and Carlton Lowen of Lowen Real Estate representing the Seller.  A “build to suit” lease deal was then reached with Ulta Beauty, with Kitchell Development building out a contemporary 10,055 square foot retail building.  The lease was handled by Donnelly representing the landlord and Mike Metzger of Pacific Retail Services representing the tenant.  Once the lease began and Ulta Beauty opened for business, the property was sold to an investor who will enjoy a sterling triple net (NNN) investment at a quality location in a quality market trade area.  ULTA Beauty (NASDAQ: ULTA) is the largest beauty retailer in the United States with more than 907 locations across 48 states and $3.9 billion in sales in 2015.  The new Chico building was delivered on time and on budget, allowing ULTA to open for business just before Thanksgiving and the holiday shopping season.  For more information, contact Mike Donnelly at 530-828-0011.