After it was placed up for sale in 2021, a 144,036 square foot office campus in Santa Clarita has sold for $48.93 million, or approximately $339 per square foot. Public records show that the Valencia Corporate Plaza was purchased by Vallarta Food Enterprises Inc., and the seller in the transaction was an entity linked to True North Real Estate Fund III, a fund managed by True North Management Group.
Located at 28470 and 28490 Avenue Stanford, the property consists of two office buildings built in 1999, according to marketing information from Newmark, which previously listed the property.
The property is situated in Santa Clarita’s Valencia neighborhood, north of Los Angeles. Nearby are a number of commercial office and retail buildings. The property is also closely situated to Interstate 5 and State Route 126.
The property was previously placed up for sale in May of 2021. At that time, the campus was listed for $40 million, or about $280 per square foot. True North acquired the property through the real estate investment fund in 2015, according to public records. At that time, the White Plains, NY-based real estate investment management firm paid $41.25 million for the property. The fund closed at $548 million.
Founded in 1985, Vallarta Food Enterprises Inc. is the owner of Vallarta Supermarkets, a Sylmar-based supermarket chain. According to the company’s website, there are now 53 Vallarta Supermarkets located throughout California.