Centennial, a retail real estate owner and operator with a national portfolio, announced that it has acquired Westfield Valencia Town Center.
The 1 million-square-foot shopping center, which has served as a community icon throughout the area for more than three decades, is located on 60 acres just north of Los Angeles in the heart of Southern California’s Santa Clarita Valley, an area known for film production, aerospace, manufacturing, biomedical and high tech industries.
“Valencia Town Center is prime retail real estate with an LA-adjacent location in a prosperous and growing community, all of which makes it a tremendous asset for Centennial’s expanding portfolio of owned and managed properties,” says Carl Tash, Chief Investment Officer and Senior Executive Vice President, Centennial. “We do envision some changes for Valencia Town Center, similar to the strategic redevelopments taking place now at Hawthorn and Fox Valley in the Chicago area. While it is too soon to announce any definitive plans, Valencia Town Center is in the perfect location to become a multi-use live-work-play destination that seamlessly and aesthetically combines retail, restaurants, entertainment, luxury living and office space in a single master-planned campus.”
“We are committed to this shopping center and to the Santa Clarita community for the long haul, and with some creativity, we can reimagine this center, maximizing its potential for today and tomorrow,” says Steven Levin, founder and CEO of Centennial. “There is never anything cookie cutter about what we do at Centennial; when we approach a redevelopment, it is always in partnership with the community, taking the community’s wants and needs into account. While we contemplate changes for Valencia Town Center, we will strive to maintain the essence of what this center has always been to the city of Santa Clarita, building upon that to create a transformative and vibrant mixed-use campus that is attractive to locals and visitors alike.”
The addition of Valencia Town Center to Centennial’s growing portfolio of owned and managed properties further expands Centennial’s California footprint. Having recently been awarded the management contract for Mission Valley in San Diego, Centennial also owns or manages a number of other California properties, including MainPlace in Santa Ana, Pacific City in Huntington Beach, The Shops at Montebello in Montebello, Antelope Valley Mall in Palmdale, and Northridge Mall in Salinas.
Armed with best-in-class real estate, a team of experienced redevelopment experts and a proven playbook, Centennial is the industry’s leader in transforming yesterday’s suburban malls into tomorrow’s most dominant mixed-use destinations. Many developers today are talking about mall to mixed-use conversions, but Centennial is executing on this complex strategy with shovels in the ground and thousands of multifamily units in progress or already leasing nationally.
Centennial’s unique vision for the future of retail real estate has led to the successful repositioning of retail properties in key markets from coast to coast. With carefully curated in-house property management, marketing, leasing, accounting and development teams, Centennial has built a repertoire of exceptional skills in strategic merchandising, innovative experiential marketing, customized placemaking solutions, community connections and digital solutions that seamlessly merge the physical and digital shopping experience.
Through these skillsets, Centennial is positioned to expand its own portfolio with properties like Valencia Town Center and others still on the horizon while using its third-party management platform to help other retail real estate owners navigate today’s complex retail market and plan for future value creation.
Going forward, the “Westfield” moniker will be dropped and the shopping center will be known simply as Valencia Town Center. Additionally, Centennial will use its access to highly desirable tenants and local entrepreneurs to expand the center’s merchandising lineup and elevate the experience with property enhancements.
About Valencia Town Center
Located just north of Los Angeles in California’s Santa Clarita Valley, Valencia Town Center is a sophisticated two-level regional retail destination featuring more than 140 retailers and restaurants as well as a fashionable outdoor district known as “The Patios” with lush landscaping and interactive water features. In addition to Regal Edwards Valencia 12, the center boasts a wide array of customer-favorite brands, including Anthropologie, Apple, Bath & Body Works, Free People, FXI, Hollister, H&M, Loft, lululemon, Macy’s, M.Fredric, PINK, Pottery Barn, Salon Republic, Urban Outfitters, Sephora, Victoria’s Secret and White House | Black Market. A sampling of the property’s most popular restaurants includes The Cheesecake Factory, Chick-Fil-A, Wokcano, Lucille’s Smokehouse Bar-B-Que, Larsen’s Steakhouse, and The Dudes’ Brewing Company. To learn more, visit the mall’s website.
Centennial is a retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. With over 300 employees nationwide, the firm now operates 24.5 million square feet of mixed-use destinations in 15 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit Centennial’s website.