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

Northpark Village Square
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.

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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.

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Santa ClaritaShopping Centers