Savills Studley Negotiates Sale of Two Trophy Southern California Shopping Centers for a Combined Value of $352 Million
Los Angeles, CA (June 20, 2016)  

Savills Studley’s National Retail Services Group represented the sellers of two trophy Southern California shopping centers located in Westlake Village and San Diego.

North Ranch Shopping Center, a 146,625-square-foot neighborhood shopping center in Westlake Village, was purchased for $122.8 million by ROIC California, LLC, an entity of the Retail Opportunity Investment Corporation, a publicly traded REIT.

The center is located at 3815-3963 Thousand Oaks Boulevard and is situated at the corner of Thousand Oaks and Westlake Boulevards, one block from the 101 Freeway. The project is anchored by Ralphs Fresh Fare, Rite Aid, Trader Joes, and Petco.

Mira Mesa Marketplace, a 487,807-square-foot regional shopping center in San Diego, was purchased for $229 million by Stockbridge Capital Group, headquartered in San Francisco.

The shopping center is located at Mira Mesa Boulevard/I-15 Freeway. Mira Mesa Marketplace is anchored by Smart & Final Extra, CVS, Home Depot, Edwards Theatre, Ross, Old Navy, and Barnes & Noble.

Bill Bauman, executive vice president, and Kyle Miller, senior managing director, of Savills Studley’s National Retail Services Group represented the sellers in the transactions.

“Both centers are extremely unique and represent the ‘best in class’ in their respective product types,” explained Miller.

“North Ranch Shopping Center is an exceptional dual-grocery anchored center in the heart of one of the most affluent trade areas in Southern California. Mira Mesa Marketplace is a high-traffic, dominant regional shopping center in Southern California supported by an outstanding freeway adjacent location, strong tenant mix, and dense and prosperous consumer base,” said Bauman.

About Savills Studley

Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.

The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).

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