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1/28/21
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Sierra Crest Center, a 66.8k sf, neighborhood retail and office center in Santa Clarita, was purchased by a joint venture group for $9.9 mil ($148/sf). The buyer is a consortium of developers led by Synergize Ventures from Danville, CA, Lotus Equity Partners from New York and Ambassador Equities from Cleveland.
Located at 27125 Sierra Highway, the two-story center was originally built in 1991. Sierra Crest Center features a tenant mix of 69 national and regional tenants, including Dunkin’ Donuts, State Farm, Valvoline, Firestone, AT&T, and Farmers Insurance. The property is within one mile of SR-14, a major freeway that connects Santa Clarita to the rest of Southern California.
The buyer plans to position the center better for the future with more diverse service offerings, improved dining and premium retail offerings.
CBRE’s Alex Kozakov, Patrick Wade and Matt Greenberg represented the buyer and the LA-based seller in the transaction. Per CBRE, this shopping center was the only sale over $3 mil in Santa Clarita to occur since May of 2020.
“Santa Clarita is experiencing a large amount of growth due to city improvements and upcoming developments in the area, commented Kozakov. “We had several offers on the property. Investors were drawn to the low price per square foot, strong intrinsic value, and long-term upside once restrictions are lifted and markets stabilize.”
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