Valley Central, a 375,541-square-foot community shopping center in Lancaster, has sold for $45.3 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the undisclosed seller.
Located at 44400 Valley Central Way, the property spans over 35 acres and includes 17 different entry drives.
The asset was 68% occupied at the time of sale with a tenancy comprised of junior anchors such as Marshalls, Staples, Michaels and 99¢ Only Stores. The property is part of a larger 715,000-square-foot Super Walmart-anchored shopping center.
The tenant roster also includes Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapskate.
“We garnered significant interest in this asset in large part due to the site’s flexibility in ownership strategy,” Ippolito said in a statement. “Valley Central offers a unique value proposition through lease up or redevelopment while benefiting from robust in-place yields derived from a reliable, high-credit income stream.”
Valley Central benefits from visibility along Highway 14. Strong demographics surround the center with a population of nearly 162,000 within five miles of the center and average household incomes approaching $90,000 within one mile of the center, according to Newmark data.