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2/15/23
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Gerrity acquired Victory Plaza, a 136.6k sf, grocery-anchored retail center in the eastern San Fernando Valley community of North Hollywood, for $57.75 mil ($423/sf). The asset was sold by Kennedy Wilson.
Located at 13007-13047 Victory Blvd, Victory Plaza is situated on 12.21.acres of land and is anchored by the high performing Vallarta Supermarkets. The center was 97% occupied at the time of sale to a credit, internet-resistant tenant roster averaging over 18 years of tenure. The tenant roster includes junior anchors CVS, LA Fitness, Petco and US Renal Care as well as Citibank, Blaze Pizza and Chipotle.
Victory Plaza is located near one of the busiest intersections in the dense, high-growth epicenter of the San Fernando Valley. The property is proximate to 350,000 residents within a three-mile radius and benefits from daily traffic counts of over 211,000 vehicles along the Hollywood Freeway. The center features three entry drives along the highly trafficked Victory Boulevard for easy access.
Pete Bethea, Rob Ippolito and Glenn Rudy with Newmark represented the seller in the deal. The transaction included the negotiation of a loan assumption.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second-best third quarter on record.
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