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Wednesday, Jul 6, 2022

Woodland Hills Shopping Center Sells for $25M

The Mayhew Plaza Shopping Center, a Smart & Final Extra-anchored neighborhood shopping center in Woodland Hills, has sold for $24.5 million.

The sellers, J Globo and SHWH, were represented by GTR Consulting Group Inc.’s Thomas Kim and William Shin. The buyer, comprised primarily of GNC Properties and Western Prime Holdings, was represented by Joe Penich of KW Commercial.

Located at 22631-22653 Ventura Blvd., Mayhew Plaza was built in 1962 and renovated in 1999. It sits on 3.02 acres with 39,867 square feet of improvements that is currently 96% occupied.

“Mayhew Plaza is an excellent Ventura Boulevard location,” Penich, managing director of KW Commercial, said in a statement. “In this market, it is very hard to find a grocery-anchored shopping center. This was a true gem, at a 5.4% cap rate with a strong anchor tenant and the Habit, Jersey Mike’s and Domino’s as satellite tenants.”

The property is located in the same submarket as 5780 Canoga Ave. – a retail center with a Baja Fresh, Salad Farm and the Stand – which sold for $9 million in an off-market deal in March.

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