Sierra Crest Center, a retail and office center in Santa Clarita, has sold to a joint venture group for $9.9 million. CBRE’s Alex Kozakov, Patrick Wade and Matt Greenberg represented both sides of the transaction. The new ownership is a consortium of developers, led by Synergize Ventures in Danville in the Bay Area; Lotus Equity Partners in New York, and Ambassador Equities in Cleveland. The shopping center was the only sale to come in at over $3 million in Santa Clarita since last summer, according to CBRE. Located at 27125 Sierra Highway not far from the SR-14 freeway, the 66,782 square-foot center opened in 1991. The two-story Sierra Crest currently features a tenant mix of 69 national and regional tenants, including Dunkin’, State Farm, Firestone, AT&T and Farmers Insurance. “With business restrictions constantly fluctuating, we had several income challenges throughout escrow, but were able to overcome those with a motivated seller, strong buyer and experienced loan assumption team,” Wade said in a CBRE Group statement. Added Kozakov, “Santa Clarita is experiencing a large amount of growth due to city improvements and upcoming developments in the area. We had several offers on the property. Investors were drawn to the low price per square foot, strong intrinsic value, and long-term upside once restrictions are lifted and markets stabilize.” The purchasers of the property have already seen collections exceeding 95 percent this month. This group has projects in 31 states and three countries. “Santa Clarita is a thriving pro-business city with excellent demographics, and with new capital and an experienced leadership team with the right business plan, we can turn this center around for the better,” said Synergize Ventures Chief Executive Joseph Huang, adding that the group plans to position the center for more diverse service offerings, improved dining, and premium retail offerings in the months ahead. Comparable but much smaller retail property sales in Santa Clarita Valley include Santa Clarita Plaza, the 11,496-square-foot property at 23942-23945 Lyons Ave., which sold in December 2019 for $2.9 million; and the 10,110-square-foot site at 20529 Soledad Canyon Rd., which sold for $2.5 million in February 2019.
Santa Clarita Retail Center Sells for Nearly $10 Million
