Terms of the sale were not disclosed, but industry sources peg it as a $7 million transaction. Kensington acquired the property via Kensington Canyon Two LP, purchasing the majority interest in the center from a privately held multinational manufacturing company. Kensington principals previously owned a 5% stake in the center. Both parties represented themselves in the transaction.
The neighborhood shopping center, which is 57532-27596 Sierra Highway, was 100% occupied at the close of escrow. The property consists of three retail buildings on 3.57 acres and is anchored by Boot Barn, Arby's, Conroy's, and 7-Eleven, among other regional and local tenants.
Patrick Galentine, a Kensington principal, says the acquisition is an indication of the firm's belief that Santa Clarita Valley represents a strong retail marketplace with continuing potential.
Coreland Cos. of Tustin, the existing leasing and property management company for Canyon Country Plaza, has been retained by the new owners. Valeria Camacho, located in Coreland's Valencia office, will continue to handle the leasing. Tracy Thomas, located in Coreland's Pasadena office, will continue to handle the management of the property.
Kensington has acquired more than $150 million of retail, office and multi-tenant industrial property since its inception in 1999.
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