Thursday, October 18, 2012

$12.5 Million Santa Clarita, CA Shopping Center Sold by Marcus & Millichap



Riverview Place, Santa Clarita, CA
 SANTA CLARITA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Riverview Place, a 45,525-square foot shopping center in Newhall, a district within the city of Santa Clarita. The sales price of $12,540,000 equates to $275 per square foot.

            Kyle Matthews, a vice president investments in Marcus & Millichap’s Encino office, represented the seller, a regional real estate developer. Matthews also represented the buyer, a Southern California-based private investor.

Kyle Matthews
“Riverview Place received a significant level of interest from a good-sized group of local and regional investors, with a majority coming from high net-worth individuals or syndicators,” says Matthews. “The buyer recognized the opportunity to acquire a drug-anchored center with high visibility and high traffic counts, a nice mix of national and local tenants, and in-place rents that were in line with the market.”

            The center is located 26861-26925 Sierra Highway at the corner of Sierra Highway and Via Princessa. The dominant retail location in the immediate trade area, a Stater Bros.-anchored shopping center, is directly across Sierra Highway from the property.

Riverview Place is a 15-tenant, four-parcel retail shopping center with a range of national credit tenants that includes CVS, Chase Bank, Starbucks, Panda Express, Menchies and Massage Envy. Most of the major tenants have been at the center since it was built in 2003.

The sale was subject to the assumption of a CMBS loan.

 Contact:

 Stacey Corso
Public Relations Manager
(925) 953-1716





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