(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SANTA CLARITA, CA-GlobeSt.com has learned exclusively that a regional real estate developer has sold Riverview Place, a 45,525-square-foot shopping center in the Newhall district here, to a Southern California-based private investor for $12.5 million, which equates to $275 per square foot. The sale was subject to the assumption of a CMBS loan.
The property, a 15-tenant, four-parcel retail shopping center located at 26861-26925 Sierra Highway, includes a range of national-credit tenants. Most of the major tenants have occupied the center since its completion in 2003. Current tenants include CVS, Chase Bank, Starbucks, Panda Express, Menchies and Massage Envy.
Kyle Matthews, VP investments in Marcus & Millichap’s Encino, CA, office, represented both the buyer and the seller in the transaction. Matthews said in a prepared statement that the property had “received a significant level of interest from a good-sized group of local and regional investors, with a majority coming from high net-worth individuals or syndicators. The buyer recognized the opportunity to acquire a drug-anchored center with high visibility and high traffic counts, a nice mix of national and local tenants and in-place rents that were in line with the market.”
The shopping center’s location at the corner of Sierra Highway and Via Princessa is directly across Sierra Highway from the dominant retail location in the immediate trade area, a Stater Bros.-anchored shopping center.
As GlobeSt.com reported in August, a Sky High Sports trampoline venue that caters to kids and grownups is opening a new facility in Valencia, CA, near Santa Clarita. Earlier this month, Sky High leased a 34,000-square-foot facility on The Old Road.