Institutional Demand is Still Strong for Grocery-Anchored Retail Centers
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that President Ed Hanley and Senior Vice President Kevin Fryman represented the buyer and seller in the sale of Stevenson Ranch Plaza in Santa Clarita, a 97% occupied, 187,035-square-foot Ralphs grocery-anchored shopping center located in the Los Angeles metro area. The sale price was $72.5 million.
The seller was a Los Angeles-based private investor. The buyer was InvenTrust Properties Corp., a self-managed REIT.
Stevenson Ranch Plaza is located approximately 35 miles northwest of downtown Los Angeles in an affluent neighborhood of Santa Clarita at 24917-24975 Pico Canyon Rd. Built in 1997 on 18.91 acres, the retail center is anchored by Ralphs, whose parent company is Kroger, with other anchor tenants including LA Fitness, PetSmart and Stein Mart. Other tenants include David’s Bridal, Guitar Center, Yamato Restaurant and FedEx Office.
“This is a rare top-tier grocery-anchored shopping center with 92% national or regional credit tenants,” said Hanley. “We took this property to the market unpriced and we were able to generate multiple well-priced offers from both institutional and private 1031 Exchange buyers.”
According to Fryman, “Stevenson Ranch Plaza benefits from the area’s affluent demographics. Household income within one-mile of the shopping center is $128,000.”
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.