Private investors acquire Valencia retail center for $69.5M

Los Angeles /
Mar.March 14, 2017 01:30 PM

JH Real Estate Partners sold its six-building retail center in Valencia for about $69.5 million, or $454 per square foot, to multiple private investors.

The buyers, including two executives from software company Continuum Analytics, made an unsolicited offer on the 153,000-square-foot property, according to broker John Cserkuti of NAI Capital. Cserkuti handles leasing at the center but was not involved in last week’s sale, which was brokered internally on both sides.

The property at 28207 Newhall Ranch Road was not marketed in any way, the broker said, but when the buyers approached Newport Beach-based JH, “it was a deal too good to pass up.”

The center, dubbed Gateway Village, is anchored by an L.A. Fitness and a Smart & Final. At the time of the sale, which closed last week, it was about 95 percent occupied, according to Cserkuti.

The new owners have no immediate plans for redevelopment or renovations, Cserkuti said, adding, “There wasn’t a ton of upside on the deal.” He said the investors thought the nearby residential and office developments made the property attractive.

JH acquired the property for $47.5 million in 2013, property records show.

About two miles east of Gateway Village, another Santa Clarita Valley retail strip sold for $58 million last July. Inland Retail Property Fund acquired the Northpark Village Square at $666 per square foot from TIAA, The Real Deal reported.


Related Articles

arrow_forward_ios
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...