Private investors acquire Valencia retail center for $69.5M
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.