Grocery-Anchored Center in Santa Clarita Sells for $72.5 Mil

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RENTV.com

Stevenson Ranch Plaza, a 97% occupied, 187k sf Ralphs grocery-anchored shopping center located in the Northern LA County city of Santa Clarita, sold for $72.5 mil, or $388/sf. The buyer was InvenTrust Properties Corp, a self-managed REIT.

Built in 1997 on 18.91 acres, Stevenson Ranch Plaza is located at 24917-24975 Pico Canyon Rd, approximately 35 miles northwest of downtown Los Angeles. It is anchored by Ralphs, whose parent company is Kroger. The property’s other anchors are LA Fitness, PetSmart and Stein Mart. Other tenants include David’s Bridal, Guitar Center, Yamato Restaurant and FedEx Office.

Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented both the buyer and the seller, a Los Angeles-based private investor, in the transaction.

According to Hanley and Fryman, the center boasts 92% national or regional credit tenants. It also benefits from the area’s affluent demographics. Household income within one-mile of the shopping center is $128,000.

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