Canyon Square Plaza, a 96,627-square-foot (sf) grocery-anchored shopping center has sold to a private high net worth investor for $22.5 million. The center is anchored by a very successful long term 40,751 sf Vallarta Supermarkets.
Cushman & Wakefield retail investment specialists Dixie Walker and Charley Simpson of the firm’s Irvine office represented the seller, a real estate investment trust who is one of North America’s largest publicly traded owners and operators of open-air shopping centers.
Canyon Square Plaza is located in north Los Angeles County at the northwest corner of Soledad Canyon Rd. and Sierra Hwy. recognized as the busiest intersection on the east side of the Santa Clarita Valley. The center was approximately 96% occupied at the time of sale by 29 tenants that represent a diverse and complimentary mix of daily needs, restaurant and service tenants.
Walker, Managing Director, said, “Canyon Square Plaza provided the market with an excellent opportunity to acquire a coveted ‘daily needs draw’ grocery-anchored center in a prime location and trade area with strong traffic counts. Nearly fully occupied, this desirable center possesses a loyal tenant base, as nearly half of its tenants have operated here for 10 years or more. Further, the consumer demand for groceries in the one-mile radius for this center is superior to any other grocery store location within the trade area.”
Simpson, Managing Director, added, “The Santa Clarita Valley has traditionally been primarily a residential community at the north end of Los Angeles County. However, with the measurable growth of the Newhall Ranch and Castaic Junction commercial corridors there is an increasing daytime population for retailers to capitalize upon.”
SOURCE: Cushman & Wakefield