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10/28/25
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A 9.1k sf, multitenant retail center in the western San Fernando Valley community of Chatsworth traded for $8.65 mil, or $950/sf. The deal closed at a 5.19% cap rate.
Built in 1997, the neighborhood center sits on a 30.3k sf lot at 20516 Devonshire St, at Mason Ave. It is occupied by a strong mix of national and regional tenants, including BMO Harris Bank, Western Bagel, and Confluence Health. This tenancy base offers exceptional stability: nearly all tenants have occupied the center for over seven years, providing long-term, consistent cash flow. Western Bagel, an original tenant since 1997, continues to anchor the property, underscoring their commitment to the location.
The property features triple-net (NNN) leases with annual rent increases, management reimbursements, and administrative fees that enhance income growth potential. Confluence Health recently signed a new lease and is making a significant investment in tenant improvements—further strengthening the asset’s long-term fundamentals.
Dave Maron with NAI Capital Commercial represented the buyer, a private investor group, in the deal. The seller, a family trust, was repped by CBRE.
“This sale represents a stabilized, investment-grade retail asset in a high-barrier-to-entry San Fernando Valley location,” said Maron. “Starbucks went dark just two days before closing, forcing us to renegotiate a price reduction within seven days, as the buyer’s exchange deadline was only ten days away.”
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