Shopping center in Lancaster sells for $45M, plus six other L.A. real estate deals – L.A. Business First – The Business Journals
Newmark has facilitated the $45 million sale of Valley Central, a 376,000-square-foot community shopping center in Lancaster.
The shopping center at 44400 Valley Central Way spans 35 acres and was 68% occupied at the time of sale. Tenants include Marshalls, Staples, Michaels and 99¢ Only Stores.
The property is part of a larger 715,000-square-foot Super Walmart-anchored shopping center. Newmark said the buyer was attracted to the property for the in-place yield with the opportunity to stabilize and/or redevelop portions of the center over time due to existing vacancy.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the undisclosed seller.