$66M SoCal retail sale

Market poised for strong expansion

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The Gateway Village shopping center in Santa Clarita, Calif., has sold to an East Coast investment manager for $66.4 million. Philadelphia-based Grosvenor Investment Management purchased the asset from Rye Canyon Gateway Plaza LLC, based in Woodland Hills, Calif. Located at 28207-28313 Newhall Ranch Road, the property totals 153,687 square feet on 17 acres. It was built in 2005. Tenants at the time of sale included LA Fitness, Smart & Final, California National Bank and Lindora Medical, among others. According to a press statement, the approximately 115,000 residents in The Gateway Village trade area is expected to grow by another 15,000 by 2010. Housing is also experiencing strong growth with approximately 6,000 residential units built or in the planning stages immediately surrounding the center. ...