VITAL STATISTICS
VICTORY PLAZA
13007-13047 Victory Blvd., North Hollywood
Square Footage: 136,580
Deal Value: $57.8 million
Newmark arranged sale of Victory Plaza, a 136,580 square foot, grocery- anchored retail center in North Hollywood. The asset sold for $57.75 million. Vice chairman Pete Bethea and senior managing directors Rob Ippolito and Glenn Rudy represented the seller, Kennedy Wilson, a global real estate investment company based in Beverly Hills. The buyer was Gerrity, a vertically integrated real estate investment and operating company based in San Diego.
Located at 13007-13047 Victory Boulevard, Victory Plaza is situated on 12.21.acres of land and is anchored by the high performing Vallarta Supermarkets. The center was 97% occupied at the time of sale to a credit, internet-resistant tenant roster averaging over 18 years of tenure. The tenant roster includes junior anchors CVS, LA Fitness, Petco and US Renal Care as well as Citibank, Blaze Pizza and Chipotle.
Victory Plaza is located near one of the busiest intersections in the dense, high-growth epicenter of the San Fernando Valley. The property is proximate to 350,000 residents within a three-mile radius and benefits from daily traffic counts of over 211,000 vehicles along the Hollywood Freeway. The center features three entry drives along the highly trafficked Victory Boulevard for easy access.
VITAL STATISTICS
5700 Van Nuys Blvd., Sherman Oaks
Square Footage: 36,155
Deal Value: $7.5 million
This deal consists of three parcels totaling approximately 36,155 square feet, sitting on .83 acres of land. The subject property is located at 5700 Van Nuys Boulevard in Sherman Oaks. Keyes Hyundai, on a long-term lease, currently occupies the property. Spectrum CRE secured the property for our client, negotiating a price below the asking price. The property allows for future development projects such as office, retail, apartment, or mixed-use projects. It is very rare to find large blocks of commercial-zoned land in prime areas like Sherman Oaks, especially along major thoroughfares like Van Nuys Blvd.
VITAL STATISTICS
3200-3210 Foothill Blvd., La Crescenta
Square Footage: 3,500
Deal Value: $4.4 million
In this transaction, CBRE senior vice president Geoff Martin represented Wells Fargo and achieved a selling price that was $555,000 over asking, with multiple bidders. CBRE also represented Wells Fargo in the original purchase of this property in 2009. In 27 years with CBRE, Martin has completed more than 2,000 commercial property transactions, focusing
his efforts on representing landlords and retail tenants in sale, leasing, and development transactions. Martin’s team handles the leasing for more than 2,400,000 square feet of retail projects in Southern California.