The Bouquet Center in Santa Clarita has been bought by San Diego real estate investment trust Retail Opportunity Investments Corp. for $59 million, the company confirmed.
At nearly 149,000 square feet, the shopping center at 26502 to 26586 Bouquet Canyon Road is roughly 95 percent leased by tenants such as Vons, CVS and Ross Dress for Less, according to Hanley Investment Group in Corona Del Mar. Hanley brokered the deal on behalf of the seller, a Los Angeles-based private investor. Other tenants include banks, fast-food chains and a discount shoe store.
The center’s tenant mix, 86 percent of which are national or regional chains, and its long-term historical occupancy, fit ROIC’s acquisition parameters, Hanley said.
The center sits on 12.25 acres and was built in 1985. According to Hanley’s president, Ed Hanley, who represented the seller along with Senior Vice President Kevin Fryman, the center’s location at Newhall Ranch Road and Bouquet Canyon Road is one of Santa Clarita’s busiest with 85,000 cars per day.
“The market for core grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange,” Fryman said. “In 2016, we have seen an increase in supply as sellers recognize that today represents an ideal time to sell. There still remains limited properties available similar to the Bouquet Center in both size and quality.”