The Real Deal Los Angeles

Grocery-anchored center in Santa Clarita sells to newly formed investment fund for $58M

Seller, TIAA, acquired property for $41M in 2011

July 25, 2016 04:47PM
By Hannah Miet

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Valencia shopping

Northpark Village Square

The neighborhood shopping center Northpark Village Square has traded hands for $58 million in Santa Clarita Valley — an area many are watching this week, as raging fires have scorched 33,000 acres of land and counting.

The 87,100-square-foot retail property at 27756 McBean Parkway in Valencia was acquired by Inland Retail Property Fund, a newly formed investment fund sponsored by Inland Institutional Capital Partners Corporation.

Michelle Schierberl of Colliers represented the seller, TIAA, along with Don Ellis. Matthew Tice of Inland Real Estate Acquisitions Inc. advised ICAP.

The fully leased center is anchored by a Ralphs Market and a Rite Aid. TIAA bought it from Cornerstone Real Estate Advisers for $40.6 million in 2011.

Containment of the fire in Santa Clarita remained at only 10 percent on Monday evening.