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| Former Site of Kmart-Anchored Shopping Center, 23126-23170 Valencia Boulevard, Santa Clarita, CA |
SANTA CLARITA, CA -- Hanley Investment Group Real Estate Advisors, a
nationally-recognized real estate brokerage and advisory firm specializing in
retail property sales, announced the firm has been awarded the listing of a
12.60-acre former Kmart-anchored shopping center property located in the heart
of Santa Clarita, California.
The property, owned by a private family, is situated within
the MXC Mixed-Use zoning corridor of Santa Clarita, which allows up to 30.0
units per acre for residential with ground-floor commercial (1.0 max for floor
area ratio (FAR) commercial), according to Hanley Investment Group.
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| Carlos Lopez |
“The offering provides a buyer with the rare opportunity to purchase a development site of this size within the core of Santa Clarita,” said Lopez. “Due to the short-term nature of the leases in place and the mixed-use zoning, there is tremendous flexibility and the potential to be creative for potential developers and the city of Santa Clarita. For example, the property could be developed as 100 percent retail or a combination of retail and residential.”
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| Lee Csenar |
The 12.60-acre site currently houses a 120,559-square-foot shopping center built in 1972. Taco Bell is located on a single-tenant outparcel as part of the offering.
“All existing leases will expire by 2024 (except Taco Bell’s lease), allowing an investor to collect annual cash flow while obtaining entitlements,” said Csenar. “Taco Bell’s lease expires in 2032, which allows an investor to individually parcel and potentially sell it separately to take advantage of historically low cap rates.”
For more
information, please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963
anne@MonaghanPR.com
830.997.0963
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