Valencia Shopping Center Sold for $115 Million

The River Oaks shopping center in Valencia has sold to a real estate investment firm for $115 million, according to the company. InvenTrust Properties Corp., a retail-oriented real estate investment trust in Downers Grove, Ill., said it bought the center at 24201, 24235 to 24285 and 24237 to 24425 Magic Mountain Parkway as part of a national value growth agenda that has involved selling certain non-strategic assets and buying instead multi-tenant, open-air, grocery-anchored retail properties. “The acquisition of River Oaks further highlights our continued progress enhancing our portfolio with premier open-air retail assets,” Christopher Covey, senior vice president of transactions, said in a statement. “By expanding our presence in the Los Angeles submarket, we expect to benefit from favorable population demographics in the region and gain operational efficiencies with the nearby InvenTrust-owned Stevenson Ranch Plaza.” The center features national tenants such as Target, Sprouts, buybuyBaby, Ulta, Total Women Gym & Spa, Pier 1 Imports and Big 5 Sporting Goods. InvenTrust owns 85 retail properties, representing 15.2 million square feet of retail space.