A Newport Beach investment group has purchased Gateway Village, a neighborhood shopping center at the intersection of Newhall Ranch and Rye Canyon roads, for $69.5 million in an off-market transaction.
Brokers Michelle Schierberl and Donald Ellis of the Irvine office of Colliers International represented the sellers, JH Real Estate Partners in Newport Beach, and buyers, Galois Group, a private investment group in Long Beach, according to Blau Journal, a real estate news provider.
JH Real Estate has owned, developed, and managed more than $1.5 billion in retail, multifamily, and land in California, according to its website.
The center, built in 2005, contains nearly 154,000 square feet of retail space, anchored by LA Fitness, Smart & Final Extra, Coffee Bean & Tea, The Habit, US Bank and Lindora Medical. It was developed by Newhall Land as part of Valencia Industrial Center, which has a total of 1,100 acres and eleven million square feet of industrial, office, and mixed-use space.
