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Saturday, Mar 2, 2024

Santa Clarita Retail Center Changes Hands

A nearly fully-occupied Santa Clarita Valley retail center has sold for $72.5 million, according to its buyer, InvenTrust Properties Corp., a real estate investment trust in Oak Brook, Ill. Stevenson Ranch Plaza is anchored by a Ralph’s supermarket. It has 187,035 square feet center and sits on nearly 20 acres at 24917 Pico Canyon Rd. The seller was a Los Angeles-based private investor. The center was 97 percent occupied at the time of the purchase, according to InvenTrust, and also includes an LA Fitness, PetSmart and a Stein Mart. The REIT, which focuses on multi-tenant retail properties, said the purchase will offer long-term value for its investors and fits its retail portfolio. “With strong residential growth and high traffic, Stevenson Ranch Plaza is a property that checks all the boxes for us and provides InvenTrust the opportunity to further expand our presence in Southern California,” said Christopher Covey, senior vice president of transactions, in a statement. Kevin Fryman and Edward Hanley of Hanley Investment Group brokered the deal on behalf of both parties.

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