X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VALENCIA, CA-Cornerstone Real Estate Advisers of Hartford, CT, has acquired the 87,595-sf Northpark Village Square shopping center from Lennar Parners for $30 million, according to Grubb & Ellis.

Michelle Schierberl of the Newport Beach office of Grubb & Ellis reports that the transaction included two ground leases on the property, which is at 27706-27776 McBean Parkway and was 100% leased at the time the sale closed. Schierberl was part of a Grubb & Ellis team including Tom Lagos and Ken McLeod of the firm’s West Los Angeles office that represented the buyer and the seller. The property is leased to a tenant roster including Ralphs, Rite Aid, Starbucks, Blockbuster, Wells Fargo and Exxon. Seller Lennar acquired the retail center as part of its acquisition of the Newhall Land and Farming Co. The buyer of Northpark Village Square Cornerstone, manages investments in a portfolio of more than $4.5 billion in real estate assets on behalf of public and corporate pension funds, endowments, foundations and insurance companies. Its parent corporation is Massachusetts Mutual Life Insurance Co.The sales price of more than $342 per sf for a center on ground leases reflects the strong demand for retail properties in general and the particular appeal of properties in the Valencia and Santa Clarita areas. Retail experts say that well-leased shopping centers throughout L.A. County are in demand, with areas like Valencia and Santa Clarita ranking high in the estimation of investors because they are new, master planned communities. The nearly completed community of Valencia comprises approximately 23,000 single-family homes and the future Newhall Ranch project is planned for 20,885 homes. Valencia is part of the City of Santa Clarita, which is one of the fastest growing cities in California and the fourth largest city in Los Angeles County.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.