The Real Deal Los Angeles

InvenTrust Properties buys Stevenson Ranch shopping center for $72.5M

REIT snatches up seven-item retail portfolio in northern LA County

April 20, 2016 04:00PM
By Cathaleen Chen

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24917 to 24931 Pico Canyon Road (credit: Google Earth)

UPDATED, 3:41 p.m., April 21: InvenTrust Properties, a national real estate investment trust, purchased a seven-property retail plaza in Stevenson Ranch on Wednesday for $72.5 million.

The properties at 24917-24975 Pico Canyon Road in the L.A. County community just north of the San Fernando Valley are almost completely occupied, with only one building that isn’t 100 percent leased, according to CoStar. The buildings span  187,000 square feet in a center anchored by a Ralphs grocery store. Other tenants include a handful of restaurants, an L.A. Fitness and a FedEx Kinkos.

An InvenTrust spokesperson told The Real Deal the REIT does not have any major redevelopment plans for its latest acquisition.

Stevenson Ranch, located in the Santa Clarita Valley and 35 miles northwest of Downtown L.A., checked all the boxes of InvenTrust’s demographical criteria, including above average household income and population growth, the spokesperson said.

The seller was DSB Properties, a Westlake investment firm. It could not be reached for comment. Hanley Investment Group Real Estate Advisors brokered the deal.

Based in Oak Brook, Illinois, InvenTrust owns 128 multi-tenant retail spaces in 24 states. The Stevenson Ranch Plaza marks its fifth property in Southern California. In addition to retail properties, InvenTrust also operates a student housing arm called University House Communities.