Demonstrating investors’ continued appetite for well-located retail properties, two local shopping centers – one in Oxnard and one in Palmdale – have changed hands in separate transactions totaling nearly $27 million.
The Palmdale Promenade, a 96,352-square-foot shopping center at 412 W. Rancho Vista Boulevard, sold for $9.3 million, or about $96 a square foot. The 5.5-acre center is anchored by Home Depot, Burlington Coat Factory and 99 Cents Only stores. Built in 1991, the property is 82 percent occupied. The seller was Richard Goldstein of MG Development Co. in Woodland Hills, according to real estate data firm CoStar Group Inc. The buyer is a private L.A. investor.
Vineyard Plaza, a 64,421-square-foot property on Pacific Coast Highway in Oxnard, sold for $17.6 million. The 5.5-acre center, built in 1988 and remodeled in 2004, is 85 percent occupied. Tenants include Big 5 Sporting Goods, U.S. Bank and Circle K Market. The seller was a Los Angeles private investor, and the buyer was 23560 Crenshaw LLC, also based in Los Angeles.
“Supply for well-located, value-added retail investments in Southern California remains very low,” said Kevin Fryman, senior vice president of Hanley Investment Group in Irvine, which announced the deals. “Properties like Palmdale and Oxnard have become attractive alternatives for private investors seeking better returns outside Los Angeles proper with non-traditional grocery anchors or no major anchors at all.”
The brokerage has handled several similar deals in the Santa Clarita Valley: Boot Barn Plaza, a 51,385-square-foot shopping center, is currently in escrow; Stevenson Ranch Plaza, a 29,817-square-foot shopping center, has multiple offers; and Seco Canyon Village, a 42,134-square-foot pharmacy-anchored center, sold last year.
Along with Hanly’s Fryman, Ed Hanley, president, and Bill Asher, executive vice president, represented the seller in Oxnard. Broker Nick Borrelli, of Coldwell Banker Commercial NRT in Arcadia, represented the buyer.
Hanley and Asher represented both the buyer and seller in the Palmdale transaction.