REAL ESTATE—Four Retail Parcels Scooped Up for Shopping Centers

With the pace of business and residential migration to Valencia continuing unabated, it was only a matter of time before the market for retail properties started to heat up as well. Which is precisely what happened when Newhall Land and Farming Co. put four properties zoned for retail development on the block recently. The land offering drew seven bidders, according to brokers handling the sale, with a single buyer emerging as the winner of all four. Hopkins Real Estate Group in Newport Beach is in escrow to acquire enough land to build retail space totaling about 220,000 square feet, according to Fred Stemmler, president of the company. When the sale goes through, Hopkins will begin construction on four neighborhood shopping centers: Valencia Village, a 30,000-square-foot mini-mall at Dickason Street and Copperhill Drive; High Ridge Crossing, a 70,000-square-foot development at Newhall Ranch Road and Copperhill; Seco Canyon Plaza, a 75,000-square-foot complex at Seco Canyon Road and Copperhill; and Riverview Place, a 45,000-square-foot mall at Via Princessa and the Sierra Highway. “It’s such a dense area,” said Bert Abel, a broker with Grubb & Ellis Co., explaining the interest the project drew. Two of the centers are located next to the Valencia Industrial Center, with 9 million square feet of commercial space that is fully occupied. Nearby, a large residential development is under construction. Abel represented the buyer and seller in the deal, along with Mitch Bayat, Ray Bayat and John Cserkuti. The purchase price for the four parcels ranged between $15 a square foot and $17 a square foot, Abel said. Officials at Hopkins, which is also developing retail projects in San Bernardino, San Diego and Signal Hill, finds the Santa Clarita Valley market an appealing place for new retail centers. “We love the area. We like the idea of a planned community where there are some barriers to entry. We also like the idea of working in multiple areas in such a planned community,” Stemmler said. Said Abel, “We selected Hopkins because they gave us the best price with a willingness to take all four deals.” Although precise plans on how the parcels will be developed have not yet been hammered out, some of the projects will likely be neighborhood shopping centers with drug and other convenience stores, while the others will be larger retail centers that include national chains. The four escrows are expected to close on a staggered schedule, with the first due next month. New Deal for Broker Real estate developers who come before the North Valley Area Planning Commission are likely to see a familiar face. George Stavaris, a broker with Cushman & Wakefield Inc., has been appointed to the commission, one of seven such bodies set up as a result of charter reform efforts. “My own philosophical goal was to become knowledgeable in zoning laws,” said Stavaris of his interest in joining the commission. “I am new to Cushman & Wakefield and commercial real estate and this is an invaluable education. Stavaris headed up his family-owned business, Hercules Painting and Decorating, before he made the transition to real estate about a year ago. He was nominated to the commission by the Valley Industry & Commerce Association, in which he also serves on the land-use committee. The North Valley commission, which includes Panorama City, Sun Valley, Chatsworth, Arleta and North Hills, has so far heard three proposals. “So far, so good,” he said. “We’ve been able to get the issues through and this brings (decision-making) back to a local level.” Chatsworth Lease Maxwell Alarm Screens Manufacture, a maker of alarm screens and signage for industrial use, has leased a 28,000-square-foot facility in Chatsworth. Maxwell, which has operated from facilities in the city of San Fernando and Santa Monica, will consolidate its executive offices and production plant at the new location at 20327 Nordhoff St. Tim Foutz, a broker with NAI Capital Commercial, represented the landlord, Harris-Nevell Family Partnership. Maxwell was represented by Jerry Scullin of Delphi Business Properties. Telecommunications Expansion Global Telecomm Systems Inc. has leased 17,841 square feet of office space at 9310 Topanga Canyon Blvd. in Chatworth. The telecommunications company will be using the space to expand its facilities. Tim Foutz, a broker with NAI Capital Commercial, represented the landlord, the Tribune Topanga Group. Sam Tooch, an independent broker, represented Global Telecomm. Universal City Lease Software developer Trivision Technologies has expanded to a 9,000-square-foot office space in Universal City. The company, which makes software for school administrators, had been located in two Studio City locations. The lease on the new facility, at 3330 Cahuenga Blvd. West, is valued at $1.3 million, said Duane Cody, a broker with Cushman & Wakefield who represented Trivision. News and Notes Alpro Millworking Inc. has acquired a 14,000-square-foot industrial facility at 13901 Saticoy St. in Van Nuys for $520,000. Ron Feder at R.J. Feder & Associates Inc. represented the seller, the Scar Family Trust. Goodwill Industries of Southern California leased 9,500 square feet of retail space at 14670 Ventura Blvd. in Sherman Oaks. Liz Evans and Mark Ranftle of NAI Capital Commercial represented Goodwill. Newark Electronics, a distributor of components, leased 3,121 square feet of office space at 550 St. Charles Drive in Thousand Oaks. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].