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New shopping center purchased

Posted: April 21, 2011 1:55 a.m.
Updated: April 21, 2011 1:55 a.m.
 

A newly constructed 30,000-square-foot shopping center at 28656 The Old Road in Valencia was sold to a private investor, according to Lee & Associates, a commercial real estate brokerage and member of Lee & Associates group of companies.

The buyer, Old Road Realty LLC, purchased the center from First California Bank. The purchase price was undisclosed.

The center, which sits along the Interstate 5, was recently completed, but never occupied. Approximately 200,000 cars pass it daily, and the property has rights to develop a 32-foot lighted sign.

“There is no new building in Valencia or Santa Clarita that has such visibility,” said Larry Towmey, a Lee principal. “The property has the additional value of 161 car parking on 3.3 acres, making it suitable for medical use, as well.”

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