A shopping center in Valencia has changed hands for $58 million, a nearly 43 percent increase over what it sold for five years ago.
Inland Retail Property Fund LP, a new investment fund sponsored by Inland Institutional Capital Partners Corp. in Oak Brook, Ill., bought the roughly 87,000-square-foot NorthPark Village Square at 27756 McBean Parkway, according to Encino real estate brokerage Colliers International. Inland bought the property from the pension fund Teachers Insurance and Annuity Association of America, which paid $40.6 million for the property in 2011, according to CoStar Realty Information Inc.
As an investor, Inland was attracted to the fully-leased shopping center because of its two anchors – a Ralphs supermarket and a Rite Aid pharmacy, said Colliers Senior Vice President Michelle Schierberl. She and Senior Vice President Don Ellis arranged the deal on behalf of TIAA. Matthew Tice, senior vice president for Inland Real Estate Acquisitions Inc., advised ICAP on the deal, according to Colliers. The center is leased primarily by national tenants, the brokerage said.
“With both a high-performing Ralphs grocery and a national chain drug store anchor in place, and with a dwindling supply of such dual-anchor centers available in Southern California, the center’s attractiveness to investors rose dramatically,” Schierberl said in a statement.