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Canyon Country retail center sold

Posted: February 26, 2014 2:00 a.m.
Updated: February 26, 2014 2:00 a.m.

The Plaza at Golden Valley retail shopping center changed hands when it was purchased by an affiliate of Merlone Geier Partners, based out of San Francisco and San Diego, for an undisclosed sum.

 

The Plaza at Golden Valley, newly built and opened just before the recession on the east side of Santa Clarita, has changed ownership.

The 618,000 square foot retail shopping center, home to Target, Kohls, Lowe’s, BevMo, Bed Bath & Beyond, PetSmart and more, was sold for an undisclosed sum by Terramar Retail Centers LLC, according to Commercial Property Executive.

The Plaza at Golden Valley was sold to a real estate investment trust - MGP XI REIT LLC - an affiliate of Merlone Geier Partners out of San Francisco and San Diego.

Terramar, a privately-held commercial investment, management and development company, built the retail center in Canyon Country on Golden Valley Road.

“We opened (the retail center) right before the recession,” said Michael Strahs, vice president of development, in a 2013 interview with The Signal.

“The timing wasn’t perfect but we’re thrilled with the positive momentum we’re seeing now,” he said at the time – just when the retail center began signing leases for new tenants BevMo, Sizzler restaurant and Jersey Mike’s Subs.

Commercial real estate services firm, Studley, presented the retail center to a group of only five investors.

The class A property was attractive to buyers who believed there was growth potential in the area because the Santa Clarita retail market is strong, reported Commercial Property Executive.

jana@signalscv.com
661-287-5599

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