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Newhall retail center sold

Posted: April 17, 2013 2:00 a.m.
Updated: April 17, 2013 2:00 a.m.

Stagecoach Plaza on Newhall Avenue was built in 2006. The center was originally built to house the family-owned Tresierras market. Instead, when the economy soured, the store remained on Main Street in Newhall.

 

A Newhall retail center, Stagecoach Plaza, has sold for $8.5 million to a Los Angeles buyer.

Faris Lee Investments, a retail-specialized investment advisory firm, completed the sale of the 25,475-square-foot multi-tenant property on Newhall Avenue.

The property is 89 percent occupied and includes Starbucks, Subway, Wells Fargo and Panda Express. There is also a newly opened Dollar Tree within the center that was not a part of the transaction, said a spokesman for Faris Lee Investments.

At a price per square foot of $350, this transaction is one of the highest for a multi-tenant retail center in the Santa Clarita Valley over the past five years, according to CoStar – a commercial real estate marketing and analytic services firm.

Matt Mousavi and Jeff Conover with Faris Lee Investments represented the seller, AMDG Alliance, LLC out of Los Angeles, who was the property’s original developer. Los Angeles-based Telfair Corporation was the buyer and was represented by Voit Company. The closing cap rate was 7.2 percent.

“This is the first time Stagecoach Plaza has been sold,” said Mousavi, managing director with Faris Lee Investments.

Faris Lee spent several months prior to marketing the asset advising ownership on the optimum lease-up strategy in order to maximize value on the sale, he said. The investment advisory firm attracted multiple offers from foreign buyers, said Conover, senior managing director with Faris Lee Investments.

“Dollar Tree was delayed in opening its doors due to the recession and with its recent opening, we were able to work with the seller and leasing brokers to reduce the vacancy by adding new regional tenants,” Mousavi said.

“Once we achieved our optimum occupancy level we began marketing the property.”

The property was offered free and clear of financing, Conover said.

 

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