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| 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.
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| 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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