Newmark Completes $58M Sale of N. Hollywood Retail Center
San Diego-based real estate investment and operating firm Gerrity has purchased Victory Plaza, a 136,500-square-foot retail center in North Hollywood, CA. Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Kennedy Wilson in the $57.75 million transaction.
“Victory Plaza is an irreplaceable piece of real estate in urban North Hollywood,” said Bethea. “Both parties teamed to navigate a loan assumption process as well as the recent twists and turns in the general market. Newmark is grateful to have been a part of the process.”
Located at 13007 Victory Boulevard, Victory Plaza is situated on 12 acres and is anchored by Vallarta Supermarkets. The center is 97% occupied with tenants averaging 18 years of tenure, and a roster that includes CVS, LA Fitness, Petco, Citibank and Chipotle. The location is near one of the busiest intersections in the San Fernando Valley and is proximate to 350,000 residents within three miles.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.