Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced Wednesday that the firm has been awarded the listing of the 12.60-acre former Kmart-anchored shopping center property located in the heart of Santa Clarita, California.
The property is located at 23126-23170 Valencia Blvd., at the busiest intersection in Santa Clarita, Valencia Boulevard and Bouquet Canyon Road, known to locals as Bouquet Junction, which is crossed by 100,000 cars per day.
The site currently houses a 120,559-square-foot shopping center built in 1972. A Taco Bell restaurant is located on a single-tenant out parcel as part of the offering.
The property, owned by a private family, is situated within the MXC Mixed-Use zoning corridor of Santa Clarita, which allows up to 30.0 units per acre for residential with ground-floor commercial (1.0 max for floor area ratio (FAR) commercial), according to Hanley Investment Group.
Executive Vice President Carlos Lopez and Vice President Lee Csenar are the exclusive listing agents and are marketing the property for sale unpriced.
“The offering provides a buyer with the rare opportunity to purchase a development site of this size within the core of Santa Clarita,” Lopez said.
“Due to the short-term nature of the leases in place and the mixed-use zoning, there is tremendous flexibility and the potential to be creative for potential developers and the city of Santa Clarita,” he said. “For example, the property could be developed as 100 percent retail or a combination of retail and residential.”
“All existing leases will expire by 2024 (except Taco Bell’s lease), allowing an investor to collect annual cash flow while obtaining entitlements,” Csenar said. “Taco Bell’s lease expires in 2032, which allows an investor to individually parcel and potentially sell it separately to take advantage of historically low cap rates.”
The property benefits from being located near entertainment, employment, education, shopping and dining options including Westfield Valencia Town Center, which has more than one million square feet, 200 stores, and two outdoor shopping districts.
College of the Canyons, a 153-acre community college with 17,150 student enrollments, and California Institute of the Arts, a private arts college known as CalArts with 1,500 student enrollments, are also nearby.
The property is also convenient to Henry Mayo Newhall Hospital, a 238-bed hospital and trauma center and one of Santa Clarita’s largest employers with 1,948 employees, and Six Flags Magic Mountain, the top employer in Santa Clarita with 3,200 employees and four million visitors annually.
Valencia Auto Center, one of California’s largest auto centers with 24 brands serving the Santa Clarita Valley, Thousand Oaks, and nearby Los Angeles cities, is less than a mile away.
“Santa Clarita is one of the fastest-growing communities in the region with approximately 215,000 residents within a five-mile radius of the property and has an average household income of $121,000 within a one-mile radius,” Lopez said.
“In 2017, the city of Santa Clarita issued 5,782 permits for more than $365 million of new construction. Santa Clarita is strategically positioned with proximity to the San Fernando Valley, Downtown LA, Burbank Airport, and LAX,” he said.
“Santa Clarita has the tightest real estate market in Los Angeles County with the lowest vacancy rates in apartments, commercial space, and industrial space,” Csenar said.
The city of Santa Clarita has consistently garnered a variety of honors including being ranked #20 (out of 550 cities) as one of “America’s 50 Best Places to Live” by Wall Street 24/7 based on employment growth, access to restaurants and attractions, and housing affordability, and one of the Top 100 Safest Cities in America by the National Council for Home Safety and Security.
Among cities with a population size of 200,000 or more, Santa Clarita ranked as the third safest city in America last year. The city has also consistently ranked as one of the top Business-Friendly Cities by the Los Angeles County Economic Development Corporation and is ranked #21 in California for the most retail spending at over $2 billion ranking higher than Beverly Hills, Pasadena and Burbank.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $6 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visitwww.hanleyinvestment.com.
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156 Comments
Amy Miller it’s finally happening
I can’t imagine how much it’s going for!
This is a prime location. There is so much potential for this center.
Heather Sommer I’ve been saying that forever!
I hope they make it a Walmart.
No thanks… we have enough trash already..
DON’T NEED ANOTHER WALMART.
that sucks , now more people will lose there jogs
What jogs are they losing
somebody said they are going to build condos there
Natalia Jauregui
Bring back El Pollo Loco please!
Good. It seems this corner has been under-serving the SCV for a long time. Something else should have been built in the parking area for K-Mart.
The city should get involved like they did in Newhall and make sure this corner makes a STATEMENT! This will make or break this area.
Make it nice and fun please!!
Hmmm….. Costco?
Great idea!
Omg yes!!!!!
We SO desperately need a Costco in Valencia! Who wants to drive ALL the way to canyon country just to shop there? Ughh. I think this is the PERFECT spot for a Costco! I wonder what’s gonna happen with the new furniture store?
Costco is going into the old Sears location at the mall.
Beverly Erwin it is???
Portos please
Drive In movie theater, but no doubt it will be more houses.
Porto’s!!
Yes. We need a Portos.
Casa Torres Restaurant and Ball Room .
Karaoke Stadium!
A museum for kids!
Roller Skating Rink.!
Indoor Beach. Ocean and artificial waves.
River Walk like in Texas.
Rachel Alvarz Exactly where I am at the moment! ??
FEMA camp?
This might be the location COSTCO was looking for although that’s not what I want. It better not just be a grocery store! We need something nice there.
NO WALMART!! NO MORE 99 STORES! No discount retail!
How about a Living Spaces furniture store?
Costco
Let me guess, 3 Starbucks’?
and a coffee bean
And a 99¢ store.
What about another McDonald’s for hell of it
Dave n busters
Chris Avila
A Krispy Kreme
Maybe they will bring back Tim Toms…. omg I miss that place. Caddy corner lot but I’ll take it! ?
Yessssss
Tim Toms was aweaome!
How about all the above in one place ?
Cole Beach
Great! Just what we need…….more residential property…ugh!!!!
Top Golf!
Bye k mart…..hello H??ters !!!
I read somewhere they were trying to make it part of the sale that a piece be allocated to a full time homeless shelter to help the people in the wash.
That would be amazing!
The shelter has already been approved to be build on Drayton st
Why work for a stable place to live when the city stipulates that portions of private sales AND tax dollars go to housing those that choose not to themselves
Eric Underwood because a stable place to live is better than a shelter?
Matt Lawson but stable isn’t free.
Jeremiah McDaniel Right, which is why you work for it and it’s most likely better than a shelter. I know I was answering a rhetorical question, but it was a foolish one. If it was so easy to live comfortably while “choosing” not to, why isn’t everyone doing that?
And let’s not have this devolve into “taxation is theft”.
Matt Lawson ?
Matt Lawson they arent all doing it because they live in the river. it’ll be a lot more appealing to rest on your laurels when you’re given shelter you have 0 responsibility for.
The lack of compassion and understanding here is absolutely wild. Providing shelter decreases cost to the public in the long run because of reduced healthcare and crime as well as an increase in people getting back into employment.
Eric Underwood you can’t get a job without an address. A large majority of the homeless population have mental health issues and/or are veterans. Not everyone is given the same opportunities, educate yourself!
DeeDee Gurule
Include a Tommy’s Burger!
Joser Romo let’s buy it
Less do it!
Isn’t it already that Furniture store?
Mexican Theater. Yep.
Leonardos Dance Club.
El Taurino Mexican Food. Yummy.
I heard theyll board it up and it’ll be a holding center for kids split from undocumenteds crossing the border.
Shakeys or a David busters!
Un Nicolás !!
I thought Dave and busters was going in the mall
Build a museum of K-Mart. ???
Sonic
Jessica Frank !!!!!!! Finally!
Such awesome news! That place needs some love!
Dames and games would be great for the community
You have the worst idea
????
“Best”
No more frickin condos or apartments!!!!
Wow
Vallarta or la Cocina
IKEA
That would be amazing!
Finally!!!!!!!! Mine!
Bring back hometown buffet!!!
Holy old school!
Great! I’ll take it! Oh, wait, how much?
If you have to ask…. you can’t afford it ?
Fry’s
Vicky Ridgway Satalino
But don’t touch Western Bagel!
Western Bagels!!!
12.5 acres? That could become anything. The Grove in LA is 13.2 acres. Hopefully whoever buys it resists building out residential and instead brings the kind of up scale retail the SCV has been hankering for.
Oh, is that what SCV is hankering for?
Upscale retail brings with it high paying jobs, well maintained and pleasant surroundings, and removes the current requirement to leave the SCV in order to find anything higher than a Macy’s or Nordstrom Rack. So yes, I’d say the SCV is hankering for that and has been for a very long time now.
Agreed! Would love to have a Burlington Coat Factory, Zara, Yard House, PF Changs, Bring El Torito & TGIFriday’s back… IPic Theatre, Drive In Movie Theatre (in the old raceway location). Some high end stores would be nice. A Top Golf would be great and a Brooklyn Bowl ..
Matthew Martin I heard they were building an outdoor mall similar the the grove and Americana south of sand canyon. Any truth in that???
Love the grove. I’m right across the street @ Park La Brea
Which is why I don’t live there anymore. You can have it. Another over crowded over priced mall. LMAO. Have fun taking thirty minutes to drive over to it.
Lillian Camacho Vista Canyon.
http://www.vistacanyon.com
David Jay sell all of your houses and buy it!
Yeah! That corner needs tho be great again. The city should extend the Railroad name to bring back 4 corners.
Andrew Roche finally
Starbucks! There is one just a block north but it might be too far to drive for some people. ?
Western bagel is my favorite restaurant in the SCV!!
Let me bet it’ll be 1500 new apartments and guess Cars and Coffee will have to find a new location
Location, location, location!
Portos Bakery
Frys Electronics Store !
Good bye Santa Clarita
Better not mess with my Western Bagel!
King taco
Alex Otto
Roller skating rink!!!!
A Fry’s electronics
I love Taco Bell.
I’m for Porto’s Bakery.
Can i be adopted by the family?
Must be worth a bazillion $$
What about something like the Westfield Century City Mall, the look of course. Something sophisticated, amazing stores, a work or design area for all of the SVC entrepreneurs. You always need to get away from your home every once in a while. Good Resturants!
SVC needs to have all of this to become the center of point of the future, we need in house (SVC) luxury. Of course this is just an option.
We need iPic Theaters ! ?
What about something like the Westfield Century City Mall, the look of course. Something sophisticated, amazing stores, a work or design area for all of the SVC entrepreneurs.
You always need to get away from your home every once in a while. Good Resturants!
SVC needs to have all of this to become the center of point of the future, we need in house (SVC) luxury. Of course this is just an option.
Bring back Carpeteria!
Todd Kaufman
RV Park
Hopefully they can build it up, that one center looks old and outdated!
Maybe it will turn into a giant grow operation and dispensary providing the citizens of Santa Clarita with a surplus of tax revenue….
Its going to be businesses with apartments on top
Seems like prime location for a Bass Pro Shop.
They need mixed use up there !!!
A music store or a Marshall’s.
I’ll miss jumping my truck on the famous entrance as well as doing burnouts with my buds!!!!
I read somewhere that it may be a mixed-use place. Apartments up top, retail on the first floor
Mahmoud Kateb
IKEA
How is this sad? This place is a ghost town.
They should call it the 4 corners since it is still called that by locals. Maybe some greenery too to help compensate for the 3 gas stations.
Walmart and La Cocina…LOL Because three of each is not enough. The Bass Pro and Portos is cool. Maybe a Raising Canes? Looking forward to seeing what the city will actually allow and approve. This corner is long overdue for a makeover.
If there had been lots of city events in the parking lot of KMART the store would have done better. Should have had more small summer carnivals, farmers market, maybe traveling ice skating rink in winter. The space has been wasted.
Knowing Santa Clarita, they’ll build condos or apartments on it and charge rent no one can afford!!
How about a retail space that houses high paying jobs in the tech field. If we dont do that soon, I am afraid the homes are going to depreciate. I like speaking with the clerks at retail locations and most of them travel into the SCV from sylmar, palmdale and other places. People who can afford living here travel out of the City. With the thousands of homes that they are building, sooner or later people are going to realize it isnt worth it. I know my family are thinking about moving out of SCV. You can find comparable prices in other neighborhoods closer to the jobs that pay well, and enjoy your home, instead of spending most of the time on the road.
Bring in fryes electronics kick best buy out of santa clarita
Cbrown the prices in other areas for nice homes with good schools and a clean town are much higher than SCV. Good value for the money here which is why people live here. Our kids take the retail jobs not valley kids for the most part.
I agree with Josette IKEA might be nice facing Soledad. And maybe a Benihana facing out to Cinema Drive.
sounds like it would be a good investment Dominic Nunneri
IKEA
I buy my stogies from the cigar shop
Richard Cohn…what about Coffee & Cars?
A casino !
Homeless shelter……come on democrats your time to show compassion….
How about a new hospital, police station and civic center? The civic center is severely antiquated and it’s to dangerous to have a city this size with only one hospital and one police station. The city should by it.
We’re in the process of building a new police station because the civic center is antiquated.
MAY I SUGGEST THE CITY PURCHASE THE SPOT AND PUT IN AN EXPANDED DMV