Sylmar Town Center Sells for $31M
The Sylmar market is heating up, with the second major acquisition in the last month. And the seller has turned quite the profit.
Sellers Cypress Equities, ICO and Robhana group made a killing on the deal: Cypress bought the property in August '08 for just $9.2M, according to CoStar. CBRE SVP Dan Riley (pictured with son Tyler in Punta Mita) repped the sellers in the sale of the 148k SF shopping center, and says the buyers, Primestor Development and Sarofim Realty, found the 94%-leased center attractive for its national anchors, led by Bank of America, Big Lots and Ralph's.
The Gelnoaks Boulevard center is the second major transaction in the market this quarter. A JV of Oaktree Capital and Valencia developer Intertex Cos picked up the 10-acre Sylmar Biomedical Park last month. CB FVP Ken McLeod, who also repped the sellers, says he expects the market to remain attractive, especially as home prices and population in the market are on the rise.
