The Plaza at Golden Valley, a 618,000-square-foot regional shopping center located in Santa Clarita, Calif., has been sold by Studley’s National Retail Services Group for an undisclosed sum. Strategically situated at the Golden Valley exit of the Antelope Valley (14) Freeway, the center’s major tenants include Target, Lowes, Kohl’s, Bed Bath & Beyond, Staples, and PetSmart.
Bill Bauman, executive vice president, and Kyle Miller, corporate managing director, with Studley represented the seller of the property, GMS Golden Valley Ranch, LLC, a wholly-owned subsidiary of Terramar Retail Centers, LLC. “We sold the property in an off-market capacity as we had a good sense of the pool of buyers for this particular opportunity,” noted Bauman. “We shared the offering memorandum with a select group of high-probability candidates and ultimately executed the transaction with MGP XI REIT, LLC, an affiliate of Merlone Geier Partners.”
The Plaza at Golden Valley services a primary trade area of more than 140,000 people with average household incomes of $100,000, and is one of the fastest growing residential markets in Los Angeles County.
“The seller leveraged the lack of quality product in an expanding marketplace along with favorable conditions to achieve exceptional pricing while the buyer saw an opportunity to invest in a well-anchored shopping center with significant upside,” said Miller.
The center represents the retail portion of the Golden Valley Ranch development, a project that also includes open space preserves and proposed housing. In a separate transaction within the same development, the ownership sold a single-tenant McDonald’s to a private buyer at a 4 percent cap rate. Studley facilitated the transaction.