Los Angeles, CA — Newmark 1 announces it has completed the sale of Valley Central, a 375,541-square-foot community shopping center in Lancaster, California. The property traded for $45.25 million. Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the undisclosed seller.
The property is located at 44400 Valley Central Way and spans over 35 acres with 17 different entry drives. The asset was 68% occupied at the time of sale with a tenancy comprising of high-credit and loyal junior anchors such as Marshalls, Staples, Michaels and 99¢ Only Stores.
The tenant roster also includes Burlington, Planet Fitness, Five Below, Chuck E. Cheese, Black Angus Steakhouse, Party City, GameStop, Sola Salon Studios, Starbucks, Sport Clips, Sally Beauty Supply, America’s Tires, Jersey Mike’s Subs, Vans, Leslie’s Pool Supplies and Uptown Cheapskate. The property is part of a larger 715,000-square-foot Super Walmart-anchored shopping center.
“We garnered significant interest in this asset in large part due to the site’s flexibility in ownership strategy,” said Ippolito. “Valley Central offers a unique value proposition through lease up or redevelopment while benefiting from robust in-place yields derived from a reliable, high-credit income stream.”
Valley Central benefits from excellent visibility from Highway 14, the main highway that runs through the Antelope Valley. Strong demographics surround the center with a population of nearly 162,000 within five miles of the center and average household incomes approaching $90,000 within one mile of the center.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from 170 offices with 6,500 professionals around the world.