April 22, 2016
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.