April 22, 2016 Comments Off on InvenTrust Acquires Stevenson Ranch Plaza for $72.5M Views: 413 California News, Los Angeles, West

InvenTrust Acquires Stevenson Ranch Plaza for $72.5M

Oak Brook, IL-based InvenTrust Properties Corp. acquired Stevenson Ranch Plaza, a 187,035-square-foot grocery-anchored retail center located northwest of Los Angeles in Santa Clarita Valley. The self-managed REIT bought the 97% occupied property for $72.5 million from an unnamed Los Angeles based private investor.

InvenTrust expands its presence in Southern California via the 18.91-acre acquisition. In the past month, InvenTrust also announced acquisitions totaling more than $330 million involving assets in Austin, TX and Durham, NC.

Hanley Investment Group Real Estate Advisors’ Ed Hanley and Kevin Fryman represented the seller and buyer.

Hanley says “This is a rare top-tier grocery-anchored shopping center with 92% national or regional credit tenants.” He notes the unpriced asset generated “multiple well-priced offers” from both institutional and private 1031 Exchange buyers.

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