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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.
- ◦Sale/Acquisition
