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October 18, 2017
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Exchange Investor Pays $15.5 Mil for Retail Center in Santa Clarita

9/11/17

Seco Canyon Village, a 42.1k sf shopping center anchored by CVS/pharmacy located in the northern Los Angeles metro area, was acquired by a Beverly Hills-based private family investment entity in a recent $15.5 mil ($368/sf) transaction. The seller was also a private investor based in Beverly Hills.

Built in 2005, Seco Canyon Village is situated on 4.55 acres approximately 35 miles northwest of downtown Los Angeles in an affluent neighborhood of Santa Clarita. It is located at 22872-22892 Copper Hill Dr and 27911-27983 Seco Canyon Rd, on the southwest corner of Seco Canyon Rd and Copperhill Dr in Santa Clarita. In addition to CVS, which has a drive-thru pharmacy, Seco Canyon Village tenants include AIM Mail Center, Papa John's Pizza, Verizon Wireless and Supercuts. The center was 96% occupied at the time of the sale.

Ed Hanley and Kevin Fryman with Hanley Investment Group Real Estate Advisors represented the 1031 exchange buyer and the seller in the deal. According to Fryman, CVS represents 41% of the tenancy and has successfully operated at the center since it was built in 2005. Outside of CVS, all of the tenants have signed new leases or extended their existing lease; 82% of the tenants have been located in the center since 2011 or earlier.

“After generating multiple offers, we were able to close escrow with an exchange buyer at list price,” said Hanley. “The buyer assumed a low-leverage life insurance loan, which met their exchange objectives.”

Hanley said that Seco Canyon Village is divided into three separate parcels, including the stand-alone drive-thru CVS/pharmacy. “This allows the buyer the ability to sell the CVS/pharmacy ground lease when the loan is paid in full,” added Hanley.

Seco Canyon Village also benefits from the area’s affluent demographics. Average household income within one mile of the shopping center is in excess of $131,000. “With a ‘daily needs’ anchor like CVS/pharmacy, an irreplaceable location, high-quality 2005 construction and excellent demographics, Seco Canyon Village offers the buyer an extraordinary pride-of-ownership investment opportunity,” Fryman said.

“Other than single-tenant net-leased assets, grocery- and drug-anchored shopping centers continue to be one of the most sought-after retail investments in today’s market,” said Hanley. “Based on the response that we received from the market, it is clear that buyer demand for well-anchored shopping centers in Los Angeles County continues to remain high.”




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