VALENCIA, CA-Hanover Financial Co. and Kensington Management Group have formed a joint venture–Kensington Del Rancho LLC–to pay about $7.3 million for a 50,265-sf retail and office project at 27600-27674 Newhall Ranch Road here.

Los Angeles-based Hanover Financial is a wholly owned subsidiary of Palo Alto-based Marcus & Millichap Co. Kensington Management Group is based in Tustin.

“Kensington and Hanover saw an opportunity to invest in an asset that is part of a growing and expanding neighborhood with excellent demographics and traffic projections,” says Mark M. Macedo, Hanover’s managing director.

Fast-growing Hanover is carving a niche as a leader of joint venture capital in the West Coast market by taking part in small- and medium-size deals that don’t fit the parameters of many larger institutions. Formed approximately 18 months ago, it has already acquired nearly $150 million of real estate assets, most of them in California, Hanover President and CEO Michael H. Lowinger tells

LeAnne Seichel of TOLD Partners Inc., Woodland Hills, represented the buyer in the Valencia transaction. Tom Lagos of the West LA office of Grubb & Ellis represented the seller, Valencia-based Newhall Land & Farming Co.

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