A Bay Area investor has added to its statewide portfolio with a $54 million deal for a retail center in Southern California.
Dollinger Properties’ acquisition of the open-air Plaza at Golden Valley in Santa Clarita–a fast-growing city about 35 miles from Downtown Los Angeles–closed last month, according to public records.
Dollinger, a large family-run commercial developer based in Redwood City, bought the property through Dollinger Golden Valley, LLC, a legal entity created weeks before the deal. The LLC is registered to an address that corresponds to the company’s headquarters in Redwood City, in the San Francisco Bay Area; Dave Dollinger, a firm principal, also appears on the sale deed.
Dollinger Properties did not immediately respond to a request for comment.
The Plaza at Golden Valley, located just off the Antelope Valley Freeway, was built in 2008 and has roughly three dozen stores, according to one online directory for the center. Listed tenants include Lowe’s, Target and Chili’s. The site is 50 acres, and the plaza is roughly 210,000 square feet, according to commercial real estate databases.
The deal represents a major commercial endorsement for Santa Clarita, a city of about 225,000 in northern L.A. County that’s recently seen an influx of residential development, most notably with FivePoint Valencia, a rising master-planned community that’s slated to eventually add more than 20,000 homes.
The $54 million price tag — which works out to $256 per square foot — is also within the range of other recent sales of retail centers in Southern California. In March, a strip mall along Washington Boulevard, south of Downtown L.A., sold for $45 million, or $327 per square foot. In December a Long Beach strip mall with a Petco, Orangetheory Fitness and Five Guys sold for $68 million, and last summer a mall in Eagle Rock sold for $76 million, or $163 per square foot.
Dollinger Properties was founded in 1946 and has developed retail and industrial projects across California and in Arizona, including a recycling facility in San Jose and shopping centers in Glendale, Long Beach and Valencia, a section of Santa Clarita.
Principal Dave Dollinger, frequently described as a billionaire, has also been active in the SoCal residential market: He bought one Beverly Hills teardown for $29 million in 2019, and the next year bought a modern mansion in La Quinta for $18 million.