VALENCIA, CA-The Plaza del Rancho retail center has come onto the market with a listing price of $16 million. The property has no existing financing. Industry sources name the seller as Tustin, CA-based Kensington Real Estate Group.

CBRE Group is listing the 53,467-square-foot property, located at 27600-27674 Newhall Ranch Road. Brokers estimate the property's net operating income will grow by 60% or $611,300 in the hold period. Currently, Plaza del Rancho has a year one in-place net operating income of $1.02 million and a year three stabilized net operating income of $1.28 million.

Unanchored, the center is 84% occupied with rental rates averaging $1.98 per square foot. Tenants include a Carl's Jr., 7-Eleven gas station and local eateries.  The Carl's Jr. and 7-Eleven are set on separate pads and could be sold individually. With Valencia High School and Legacy Christian Academy within one-half mile, the center is well positioned for foot traffic.

In the nearby Valley submarket of Flintridge, the 100,408-square-foot Plaza De La Cañada retail center recently traded hands for $35.9 million. A Vons supermarket had formerly anchored the property; however, a Gelson's supermarket targeting high-end shoppers will take occupancy early this year. Other tenants on the property include T.J. Maxx and Rite Aid.