July 25, 2016
Northpark Village Square in Valencia, CA traded hands in a $58-million transaction negotiated by Colliers International. The 87,103-square-foot grocery-anchored retail center was acquired by Inland Retail Property Fund LP, a newly formed investment fund sponsored by Oak Brook, IL-based Inland Institutional Capital Partners Corp. (ICAP) from seller TIAA.
The strong-performing center is the dominant property in the region, and in addition to being anchored by a Ralphs Market and a Rite Aid Drug Store, its tenant roster includes Wells Fargo Bank, Starbucks, Circle-K and Mobil.
Colliers’ Michelle Schierberl and Don Ellis represented TIAA. Inland Real Estate Acquisitions Inc.’s Matthew Tice advised ICAP.
Schierberl says investor interest “rose dramatically” as a result of the asset’s high-performing Ralph’s grocery store, national chain drug store and Southern California’s dwindling supply of dual-anchor centers.
For comments, questions or concerns, please contact Dennis Kaiser