SANTA CLARITA, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm recently completed the sale of Stevenson Ranch Plaza in Santa Clarita, California. The 29,817-square-foot neighborhood shopping center features a mix of internet-resistant education, service and restaurant uses, anchored by Tutor Time.
The seller, Catalyst Real Estate, based in San Francisco, California, was represented by Hanley Investment Group's Executive Vice President Kevin Fryman, President Ed Hanley and Vice Presidents Sean Cox and Alexander Moore. The buyer, a Los Angeles-based private investor, was represented by Edmond Bina, CEO and managing broker of EMB Properties in Beverly Hills, California.
"We generated multiple offers from both private investors and REITs and ultimately selected a private 1031 exchange buyer," highlighted Fryman. "Additionally, we collaborated with a mortgage broker to secure favorable financing, ensuring a seamless transaction. Furthermore, we negotiated a short due diligence period and closing extensions to facilitate the seller's 1031 property identification process."
Stevenson Ranch Plaza, situated at 25804-25860 Hemingway Avenue in Los Angeles County’s Stevenson Ranch neighborhood, was built in 1999 and underwent remodeling in 2023. The Tutor Time-anchored shopping center occupies 3.25 acres at the signalized intersection of Stevenson Ranch Parkway and Hemingway Avenue, with Stevenson Ranch Parkway serving as the main thoroughfare connecting residential communities to Interstate 5 at the McBean Parkway (Stevenson Ranch Parkway) exit.
Fryman noted that 70% of the current tenants have been in the center for at least 15 years, and 100% of the tenants have either signed new leases or extended their existing leases within the past four years. Tutor Time has been at the center since Stevenson Ranch Plaza was built.
"The long-term historical occupancy of the tenants, recent lease extensions, the mix of convenience and service-oriented tenants, and the asset's location in the highly desirable, affluent Stevenson Ranch market all enhanced the asset's appeal to both private and institutional investors," Fryman reported.
Tutor Time is a subsidiary of Learning Care Group, Inc., the second-largest for-profit early education and care provider in the U.S., with 1,070 schools. Tutor Time has operated at the center since the shopping center was built in 1999.
Learning Care Group, Inc. was honored as a 2023 U.S. Best Managed Company by The Wall Street Journal, marking the company's fourth consecutive year of this prestigious recognition.
Santa Clarita, the third-most populous city in Los Angeles County, boasts a $2 billion retail market, surpassing Beverly Hills, Burbank, and Pasadena, according to the California Retail Survey. The broader Santa Clarita metro area is projected to have a population of 434,000 in 2024, representing a 2.12% increase from the previous year. Stevenson Ranch residents enjoy an average household income of $218,000. Additionally, Six Flags Magic Mountain, located just 11 minutes away, attracts 3.6 million annual visitors.
Fryman continues, "Well-positioned, newly constructed, and recently renovated multi-tenant retail properties, leased to national tenants, remain attractive to both private investors and institutional capital. Consequently, these properties have experienced increased transaction activity, with only minor adjustments in pricing."
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.
Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Kevin Fryman, Executive Vice President
Email: Send Email
Phone: 949.585.7674
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/
