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September 20, 2017
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VENTURA COUNTY NEWS
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Two SoCal Retail Centers Trade in Deals Totaling Over $350 Mil

6/21/16

Two SoCal shopping centers, in Westlake Village and San Diego, traded hands in recent sales with a combined value of over $350 mil. Savills Studley’s National Retail Services Group represented the sellers in both deals.

In the larger transaction, San Francisco-based Stockbridge Capital Group paid $229 mil for Mira Mesa Marketplace, a 487.8k sf ($469/sf) regional shopping center in San Diego.

Mira Mesa Marketplace, San Diego
Mira Mesa Marketplace, San Diego
Mira Mesa Marketplace is located at 10753 Westview Pkwy, at the intersection of Mira Mesa Blvd and the I-15. It is anchored by Smart & Final Extra, CVS, Home Depot, Edwards Theatre, Ross, Old Navy, and Barnes & Noble.

In the other sale, North Ranch Shopping Center, a 146.6k sf neighborhood shopping center in Westlake Village, was purchased for $122.8 mil ($838/sf) by ROIC California LLC, an entity of Retail Opportunity Investment Corporation, a publicly traded REIT.

The center is located at 3815-3963 Thousand Oaks Boulevard and is situated at the corner of Thousand Oaks and Westlake Boulevards, one block from the 101 Fwy. The project is anchored by Ralphs Fresh Fare, Rite Aid, Trader Joes, and Petco.

Bill Bauman, executive vice president, and Kyle Miller, senior managing director, of Savills Studley’s National Retail Services Group represented the sellers in both transactions.

“Both centers are extremely unique and represent the ‘best in class’ in their respective product types,” explained Miller.

“North Ranch Shopping Center is an exceptional dual-grocery anchored center in the heart of one of the most affluent trade areas in Southern California. Mira Mesa Marketplace is a high-traffic, dominant regional shopping center in Southern California supported by an outstanding freeway adjacent location, strong tenant mix, and dense and prosperous consumer base,” said Bauman.





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