Canyon Square Plaza Trades for $23M in Santa Clarita
Kimco Realty REIT sold Canyon Square Plaza to a private high-net investor. The occupancy rate of the property was 96 percent at the time of the sale.
By Evelyn Jozsa
Canyon Square Plaza
Canyon Square Plaza, a 96,627-square-foot, grocery-anchored shopping center in Santa Clarita, Calif. changed hands for $22.5 million. The center is anchored by a 40,751-square-foot Vallarta Supermarkets. Dixie Walker and Charley Simpson, retail investment specialists with Cushman & Wakefield, worked on behalf of seller Kimco Realty, a real estate investment trust. The property was acquired by a private high-net worth investor.
The property is located at 18507-18523 Soledad Canyon Road, at the northwest corner of the street with Sierra Highway. The intersection is regarded as one of the busiest on the east side of the Santa Clarita Valley. At the time of the transaction, the center was 96 percent leased to 29.
“Canyon Square Plaza provided the market with an excellent opportunity to acquire a coveted ‘daily needs draw’ grocery-anchored center in a prime location and trade area with strong traffic counts. Nearly fully occupied, this desirable center possesses a loyal tenant base, as nearly half of its tenants have operated here for 10 years or more. Further, the consumer demand for groceries in the one-mile radius for this center is superior to any other grocery store location within the trade area,” said Dixie Walker, managing director of Cushman & Wakefield, in prepared remarks.
Image courtesy of Cushman & Wakefield
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