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Friday, Mar 29, 2024

Palmdale Retail Property With Extra Acreage

Rancho Vista Plaza, a 55,438-square-foot shopping center positioned at the gateway to a 1,300-acre master planned community in Palmdale, has sold for $10.9 million. The center has tenants including Home Smart Realty, Cig World, Sam’s Pizza and Subway. The plaza is located at 3011 Rancho Vista Blvd. Retail investment specialist Brandon Michaels, who works out of Calabasas-headquartered Marcus & Millichap Inc.’s Encino office, held the exclusive listing for Rancho Vista Plaza on behalf of the seller, a California limited liability company. Michaels also represented the buyer, an individual trust, in this transaction. Rancho Vista Plaza is located on the northwest corner of Rancho Vista Boulevard and 30th Street West, within close proximity to the 14 freeway. At the time of the sale, the space in Rancho Vista Plaza was 89 percent occupied. Additionally, Rancho Vista Plaza is shadow-anchored by multiple nationally recognized tenants including a Vons, Rite Aid, Burger King and El Pollo Loco, Chevron and State Farm Insurance, while also in close proximity to Antelope Valley Mall and the commercial corridor of 10th Street West — home to Best Buy, Lowe’s, Target, Trader Joe’s, Walmart and Sam’s Club. The retail destination also stands not far from Antelope Valley Country Club and Rancho Vista Golf Course. Included in the sale of Rancho Vista Plaza is an undeveloped parcel of land just north of the corner of Rancho Vista Boulevard and 30th Street West. This 29,902 square foot piece of land, to be redeveloped, adds significant upside to the center’s value.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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