Portions of Santa Clarita Mall Sell for $34 Million

Two portions of Santa Clarita’s Centre Pointe Marketplace shopping center sold to separate buyers recently.

Spirit Properties, the property’s developer, reaped a combined $33.8 million, L.A. Business First reported. That pencils out to about $295 per square foot.

An unnamed institutional buyer picked up the 84,000-square-foot two-tenant property at 26583–26591 Carl Boyer Drive for $25 million. That part of the mall is occupied by Dick’s Sporting Goods and Burlington.

Burlington assumed the lease at the property from previous tenant Joann after the fabric and craft chain closed all of its locations, including 31 in Southern California.

The other property, a 30,600-square-foot single-tenant building at 26583 Carl Boyer Drive, was sold to a Washington-based 1031 exchange buyer. That building is occupied by Sky Zone Trampoline Park and sold in an off-market deal for $8.8 million. Sky Zone reportedly signed a new long-term lease at the site.

Other retail properties in Southern California have been trading hands in recent weeks.

Earlier this month, Costa Mesa-based real estate investor CenterCal Properties and private equity firm DRA Advisors acquired the Long Beach Towne Center for $145 million. Phoenix-based mall giant Vestar was the seller of the 870,000-square-foot property.

Last month, Steerpoint and Steelwave jointly purchased The Shoppes at Carlsbad for $71.5 million, or $98 per square foot, marking quite a drop in value from the $170 million that previous owner Brookfield Properties paid for the mall in 2015.

In August, a joint venture between Pacific Retail Capital Partners, Lyon Living and Silverpeak spent $332.1 million for the Lakewood Center mall in Lakewood. The 150-acre mall was valued at $280 million in May — a 55 percent drop from a high of $630 million in 2015.

And in July, Regency Centers dropped $357 million on five retail properties in Orange County — Bridgepark Plaza, Mercantile West, Mercantile East, Terrace Shops and Sendero Marketplace — totaling 630,000 square feet.

— Chris Malone Méndez