Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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10 • SHOPPING CENTER BUSINESS • August 2016 NEWSLINE TWO SOUTHERN CALIFORNIA SHOPPING CENTERS CHANGE HANDS FOR $352 MILLION Savills Studley has arranged the sale of a pair of shopping centers in Southern Cal- ifornia for a combined sales price of $352 million. In the first transaction, ROIC Cal- ifornia purchased North Ranch Shopping Center, a 146,625-square-foot neighbor- hood shopping center in the Los Angeles submarket of Westlake Village, for $122.8 million. Ralphs Fresh Fare, Rite Aid, Trad- er Joe's and Petco anchor North Ranch. It is located at 3815-3963 Thousand Oaks Blvd., one block from the 101 Freeway. In the second transaction, Stockbridge Capital Group purchased Mira Mesa Marketplace, a 487,807-square-foot re- gional shopping center in San Diego, for $229 million. Smart & Final Extra, CVS/ pharmacy, The Home Depot, Edwards Theatre, Ross Dress For Less, Old Navy and Barnes & Noble anchor Mira Mesa. It is located off Interstate 15 on Mira Mesa Boulevard. Bill Bauman and Kyle Miller of Savills Studley's National Retail Ser- vices Group represented the unidentified seller of the two properties. ROIC Cali- fornia is an entity of the Retail Opportu- nity Investment Corp., a publicly traded REIT. Stockbridge Capital Group is a real estate investment firm headquartered in San Francisco. LBG REAL ESTATE SELLS HOME DEPOT LOCATION IN METRO LAS VEGAS FOR $23 MILLION LBG Real Estate Cos. LLC, in partnership with Aviva Investors Real Estate Capital Partners I-A LP, has sold a single-tenant, net-leased Home Depot location in the Las Vegas suburb of Henderson for $23 million. Chris Kostanecki and Dave Lucas of Capital Pacific brokered the sale of the property, located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road. The buyer of the 102,370-square-foot Home Depot was undisclosed. POAG SHOPPING CENTERS ACQUIRES THE SHOPS AT VALLEY SQUARE Poag Shopping Centers, in partnership with real estate funds managed by Ares Management, has acquired The Shops at Valley Square, a 292,888-square-foot mixed-use property located in the Phil- adelphia suburb of Warrington, Penn- sylvania. Built in 2007, the property fea- tures 203,953 square feet of first-floor retail space and 88,935 square feet of second-floor office space. Brad Nathan- son, Chris Decoufle and Kevin Reavey of CBRE represented the seller, iStar Fi- nancial, in the transaction. John Farrell of CBRE's Debt and Structured Finance team arranged acquisition financing for the buyer. Smart & Final Extra, CVS/pharmacy, The Home Depot, Edwards Theatre, Old Navy and Barnes & Noble anchor Mira Mesa Marketplace.