Kennedy Wilson Sells North Hollywood Strip Mall for $58M
Grocery-anchored retail is healthy real estate in Southern California.
Beverly Hills-based investment firm Kennedy Wilson has unloaded a 136,580-square-foot strip mall in the San Fernando Valley for $57.8 million. The retail center named Victory Plaza was 97 percent occupied at the time of sale, with Vallarta Supermarkets as anchor tenant
San Diego-based Gerrity acquired the property, Newmark (NMRK) announced Tuesday. The tenant roster also includes CVS, LA Fitness, Petco, Citibank, Blaze Pizza and Chipotle over 12.2 acres at 13007-13047 Victory Boulevard in North Hollywood.
Similar retail setups have maintained steady demand and price growth throughout the region. For example, private equity firm IRA Capital recently sold a 157,322-square-foot shopping center in Ventura for $66 million. That property is 96.5 percent leased to tenants that include Aldi, Ross, Office Depot and Petco.
Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller.
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Correction: This article’s headline has been corrected to reflect that Kennedy Wilson sold the retail property.