SANTA CLARITA, CA, Feb. 8, 2011-- Colliers International, the second largest global real estate services organization, facilitated the investment sale of Northpark Village Square (top left photo), an 87,094-square-foot neighborhood shopping center located at 27706 – 27760 McBean Parkway, Santa Clarita, Calif. to an institutional buyer with offices in Orange County California.
The property is anchored by a high performing Ralphs, and includes Rite Aid, Wells Fargo, and Starbucks as tenants. Built in 1996 and having undergone expansion in 1999, the center has maintained at least 95% occupancy since its construction.
The Seller, Northpark Village Corporation, an entity advised by Cornerstone Real Estate Advisers LLC, was represented by Tom J. Lagos (middle right photo), Senior Vice President and the Director of Retail Services Group, based in Colliers International’s Downtown Los Angeles office.
“The sale of Northpark Village Square proves there is a large investor appetite for quality ‘core’ grocery-anchored retail properties,” said Lagos.“Our team was able to generate 23 qualified offers, 22 of which were all cash, within three weeks of commencing the marketing campaign. The sub 6% cap rate achieved for this transaction is an indicator of the strong demand we had from worldwide institutional investors capitalizing on the historically wide spreads between cap rates and treasury rates” said Lagos.
“We are proud of the level of service brought forth by Tom and his team. They are highly specialized allowing them to continually deliver solid results to their clients,” said Martin Pupil (middle left photo), Regional Managing Director of Colliers International Greater Los Angeles.
“This demand for quality anchored shopping centers may not last very long, so I hope investors who have been sitting on the fence about selling their shopping centers take notice of this sale and seize the opportunity to dispose of their properties this year,” added Lagos.
“I must warn that even though market conditions are right and Buyer demand continues to be strong, all properties are different and you must have the right sales strategy to maximize value.”
Contact:
Angela S. Hwang
Regional Marketing Coordinator
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
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