SANTA CLARITA, Calif., March 13, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of The Promenade at Town Center, a 181,648-square-foot regional shopping center in Valencia, a master-planned community north of Los Angeles in Santa Clarita, California. The price is open bid.
“The Promenade at Town Center is an unparalleled investment opportunity in Valencia trade area’s most sought-after retail intersection,” said Tom Lagos, IPA executive director. Lagos and Patrick Toomey, IPA executive director, are representing the seller, Barings Real Estate Advisors. “The center’s internet-resistant tenant mix creates an effective mix of complementary retailers that draws, on average, more than 9,300 customers per day from a radius of over 20 miles, with each visit lasting more than an hour,” added Toomey.
Developed in 2001-2002, the property is located on 19.3 acres on the southwest corner of Magic Mountain Parkway and McBean Parkway and is within walking distance of 1,400 luxury apartments and condominiums. Westfield Valencia Town Center, a 1-million-square-foot super-regional shopping mall, is at the same intersection and the River Oaks shopping center is across the street. Together, these three shopping centers draw more than 20,000 customer visits daily. There are nearly 1,500 companies and 45,000 employees in nearby Valencia Gateway, and the average household income of visitors to The Promenade at Town Center is $131,209, which is 30% higher than the Los Angeles metro area. The center is currently 98.2% occupied by tenants including Nordstrom Rack, TJ Maxx, Home Goods, Tilly’s, Party City, Tilly’s, McDonald’s, Olive Garden, Red Robin, and Peet’s Coffee.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.