Community Retail Center in SoCal Sells for $45M
By Greg Cornfield September 23, 2022 11:40 amreprints
The owners of a 375,541-square-foot community shopping center in the northernmost area of Los Angeles County have traded the asset for $45.3 million.
The shopping center named Valley Central is in Lancaster, more than 60 miles north of Downtown L.A. It spans more than 35 acres and is part of a larger 715,000-square-foot, Walmart-anchored shopping center, according to Newmark (NMRK), which announced the deal and represented the seller.
The brokerage declined to disclose the name of the buyer or seller, but a source familiar with the deal told Commercial Observer that Bridge33 Capital acquired the property at 44400 Valley Central Way from Merlone Geier Partners.
The property is 68 percent occupied with tenants including Marshalls, Staples, Michaels and 99¢ Only Stores. The tenant roster also includes Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Starbucks, Sport Clips and more.
“Valley Central offers a unique value proposition through lease up or redevelopment while benefiting from robust in-place yields derived from a reliable, high-credit income stream,” Newmark’s Rob Ippolito said in a press release.
Ippolito, along with Newmark’s Pete Bethea and Glenn Rudy represented the seller. It wasn’t immediately clear who represented the buyer.
Gregory Cornfield can be reached at email@example.com.