After last trading hands in 2013, a 136,580 square-foot shopping center in North Hollywood is back on the market. The property is being listed by Newmark Retail Capital Markets and is nearly fully occupied with a diverse mix of long term tenants.
The property, also called Victory Plaza, is located at 13007 Victory Boulevard. While Newmark was unable to provide guidance pricing for the property, public records show the 1970s-era shopping center last sold to Kennedy Wilson in 2013 for $30 million, or nearly $220 per square foot.
Located in North Hollywood, the three-mile radius surrounding the shopping center is home to 350,000 residents with an average household income of $90,000. The shopping center also benefits from its easy access to State Route 170, which sees more than 211,000 vehicles per day and provides easy access to the rest of the Greater Los Angeles area.
“Colloquially named “NoHo”, the area is known for its more down-to-earth atmosphere when
compared to its star-saturated neighboring cities, while maintaining the same easy access to main attractions of Los Angeles. Via its main thoroughfare, Lankershim Boulevard, locals and visitors alike have direct walkable access to Universal Studios and the free entry to City Walk. North Hollywood is home to NoHo Arts District, where the famous El Portal Theatre, as well as a number of smaller playhouses, art galleries, music studios, and the Academy of TV Arts and Sciences reside,” the offering memorandum states.
Victory Plaza is anchored by Vallarta Supermarkets, which has been at its current location since 1977. Other tenants include CVS Pharmacy, LA Fitness, Petco, Blaze Pizza and US Renal Care.
In total, the property is 97 percent occupied, and 41 percent of tenants have been at the property for more than eight years. Additionally, about 85 percent of the center’s net operating income is derived from grocers, restaurants and other service retailers.
The property’s current owner, Kennedy Wilson, is a global real estate investment company with locations in the Western United States, United Kingdom and Ireland. Currently, the company has 16 million square feet of assets valued at $3 billion under management.
