Petrovich Development Company

825 K Street, 3rd Floor Sacramento, CA 95814

Info@petrovichdevelopment.com  

916.442.4600

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ABOUT PDC

PDC is a fully integrated development company with over 4 million square feet of unique commercial properties that have been developed or are in the pre-development process throughout northern California.  Be it a regional power center, a mixed-use urban core retail center or creating a 60-acre university village with student housing and retail services, our goal is to create uniquely designed retail projects that add significant value to their surrounding communities. Due to the intense in-fill nature of its shopping centers and mixed use communities, many of PDC’s projects take over a decade to develop and involve hundreds of outreach meetings. Consequently, almost without exception, PDC’s developments set new highs for market rents and market lows for cap rates (in the event of a rare sale) due to their strategic locations and success of its tenant base.

 

PDC’s projects answer the needs of the consumer and typically exceed tenant and governmental expectations by incorporating extremely well built traditional architecture, private art in public places and unique water features that fit into the character of the region. Further, many of PDC’s projects have prominent features that recognize our military Veteran’s sacrifices, something the company believes is essential in our ever changing social value system. 

For over a decade that began in1998, PDC was the preferred developer for the Rite Aid Corporation in the greater Sacramento region until they ended their development program in 2009. During that tenure PDC also assembled, acquired, entitled, leased and constructed over $300 million of projects on time and on budget for Safeway and another $200 million for Rite Aid. As the developer, we conducted all the necessary research to determine the best in-fill locations for these retailers in order to convert existing locations from in-line (Rite Aid) to state of the art, free standing units, on hard corners with pharmacy pick up windows. The greater Sacramento market was the first trade area Rite Aid successfully fended off the devastation previously experienced in other trade areas when Walgreen’s entered markets which had been primarily served by Rite Aid. In the case of Safeway, PDC targeted the highest volume locations of its competitor’s and delivered fresh new ground up prototypes by assembling and entitling nearly impossible to develop infill locations. In addition to targeting competitor’s locations, PDC also manufactured locations where no competitors had been able to locate a store that resulted in phenomenal, record breaking volume stores (see R Street Market in Sacramento CA and Oakshade Town Center in Davis, CA).

In the first 120 days of PDC’s efforts, primarily due to Mr. Petrovich’s extensive brokerage experience, PDC secured 60 locations to present to Rite Aid’s Real Estate Director. Within the following 60 days 13 leases were executed and the process of entitling and developing began. Many of the locations that were developed for Rite Aid became some of their highest volume stores in the chain consisting of nearly 5,000 locations.

Through thick and thin PDC stood by Rite Aid’s side as the company suffered extreme difficulties due to fraudulent financial indiscretions of the founder’s son, which eventually led to the largest single year drop in value in NYSE history. Throughout the following tumultuous years, Rite Aid never defaulted in any of its obligations to PDC. Further, unlike many other developers, PDC never defaulted on any of its loans and even paid down debt as required in order to re-margin and refinance most of the projects it had developed.

PDC still owns and maintains a number of these locations as part of its real estate portfolio. Rite Aid has since recovered with its stock and credit rating on a major recovery. Mr. Petrovich still maintains a strong working relationship with the west coast office as well its national headquarters in Harrisburg, PA.

Tenant Relationships

PDC knows the importance of creating and maintaining the right partnership between each of our tenants. By strategically determining the optimum mix of tenants for our centers we are better able to maximize our tenants’ revenues and consequently, our own.

 

We value the great relationships we’ve made with our local, regional and national tenants by continually striving to maintain their success within our projects. PDC is always looking to integrate new and unique retail concepts into our centers. We are proud that when considering expansion, many retailers look to our company because of our reputation for securing extraordinary locations with superior property management while constructing well designed, quality built centers.

Key national tenants we’ve worked with include, but are not limited to:

  • Target

  • Costco

  • Kohl’s

  • Safeway

  • Walmart

  • Walgreens

  • Rite Aid

  • Longs Drugs (now CVS)

  • Lowe’s Home Improvement

  • Home Depot

  • Starbucks

  • Michaels

  • Pet Extreme

  • Sports Authority

  • Toys “R” Us

  • Cost Plus World Market

  • Peet’s Coffee & Tea

  • McDonald’s

  • Famous Footwear

  • Big Spoon

  • In-N-Out

  • Wells Fargo

  • Office Depot

  • OfficeMax

  • Sleep Train

  • El Pollo Loco

  • Dos Coyotes

  • Round Table

  • FedEx Kinko’s

  • Massage Envy

  • Panda Express

  • Ross

  • Shoe Pavilion

  • Verizon Wireless

  • UPS

  • Juice It Up

  • Jamba Juice

  • GameStop