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California Retail Center Sold

A community shopping center in Valencia, Calif. has fetched $66.41 million. Grosvenor Investment Management acquired the 153,687 sq. ft. shopping center from Woodland Hills, Calif.-based Rye Canyon Gateway Plaza.

The Gateway Village center is located on a 17-acre site. Tenants include LA Fitness and California National Bank. Retail investment sales firm Faris Lee Investments represented the seller.

“Gateway Village is the second significant retail center sale Faris Lee has completed in the Valencia over the past 10 months,” says Richard Walter, president of Faris Lee Investments.

One interesting note: Shortly after both sides agreed upon the deal, one 20,000 sq. ft. tenant announced plans to vacate the property. Brokerage firm Faris Lee then restructured the pricing based on this unexpected vacancy increase.

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