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5/04/16
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Bouquet Center, a 95% occupied, 148.9k sf grocery-anchored shopping center in Santa Clarita, traded hands. The price was not disclosed.
Bouquet Center is located at 26502-26586 Bouquet Canyon Rd, east of I-5 and north of Newhall Ranch Rd, approximately 35 miles northwest of downtown Los Angeles. It is situated at the signalized intersection of Newhall Ranch Rd and Bouquet Canyon Rd, one of the busiest intersections in Santa Clarita with 85,000 cars per day.
Built in 1985 on 12.26 acres, and completely renovated in 2007 at a cost of $7 mil, the retail center is anchored by Vons, CVS and Ross Dress for Less, which represents 66% of the current tenancy. Other tenants include Chase, Citibank, Wendy’s, Baskin Robbins, Jersey Mike’s Sub, Little Caesars Pizza and Payless ShoeSource.
Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Investors represented the seller, a Los Angeles-based private investor. The buyer was a publicly-traded real estate investment trust.
“The market for core grocery-anchored centers in infill markets remains strong with interest from both the institutional buyers and private 1031 exchange,” said Fryman. “In 2016, we have seen an increase in supply as sellers recognize that today represents an ideal time to sell. There still remains limited properties available similar to the Bouquet Center in both size and quality.”
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