Sales  ·  Retail

Kennedy Wilson Sells North Hollywood Strip Mall for $58M

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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

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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. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

 

Correction: This article’s headline has been corrected to reflect that Kennedy Wilson sold the retail property.