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July 22, 2018
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Primestor Development and Sarofim Realty Advisors Buy San Fernando Valley Retail Property


Sylmar Town Center, a 148.2k sf neighborhood shopping center in the northeast San Fernando Valley community of Sylmar, was purchased by a partnership of The property is located at 12629-12721 Glenoaks Blvd, west of the intersection of the 118 and 210 freeways.

Sylmar Town Center is a grocery and drug-anchored neighborhood shopping center anchored by Food 4 Less and CVS. Other tenants include Big Lots, Bank of America, O’Reilly Auto Parts, Leslie’s Pool Supplies, bringing the center to 94% occupancy at close of escrow.

Dan Riley, Ben Cherney and Ken McLeod of CBRE represented the sellers, which was a partnership that included ICO Real Estate Group, Cypress Equity and Robhana Group. The price was not disclosed.

“The center is anchored by the nation’s largest grocery chain operator and second largest pharmacy chain operator, both with strong existing and projected sales performance,” says Riley. “These two anchor tenants, along with Big Lots and Bank of America, provide great stability to the income stream, draw a large number of daily customer trips to the center, and provide a solid foundation for the additional upside potential of the overall center.”

“Maintained by strong retail sales, this market area should remain stable with low vacancy rates and stable rental rates,” says Cherney. “This investment opportunity has embedded value and limited downside risk due to the well-below market lease rates for many of the tenants, including the anchors. The average lease rate is just over $0.67 per square foot.”

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