Newmark Facilitates $45M Sale of Lancaster Shopping Center
Newmark has completed the $45 million sale of Valley Central, a 376,000-square-foot community shopping center in Lancaster, CA to an undisclosed buyer. The property is located at 44400 Valley Central Way and is 68% occupied with junior anchors such as Marshalls, Staples and Michaels.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glen Rudy represented the undisclosed seller. Said Ippolito, “We garnered significant interest in this asset in large part due to the site’s flexibility in ownership strategy. Valley Central offers a unique value proposition through lease up or redevelopment while benefiting from robust in-place yields derived from a reliable, high-credit income stream.”
In addition to the anchors, the tenant roster of Valley Central includes Burlington, Planet Fitness, Chuck E. Cheese, GameStop, Starbucks, Black Angus Steakhouse and America’s Tire. The property is also part of a larger 715,000-square-foot Super Walmart-anchored shopping center.
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.
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