The River Oaks Shopping Center located at the northeast corner of Magic Mountain and McBean Parkways, has been sold by InvenTrust Properties Corp.

The sale of the River Oaks Center was announced by the company in a press release dated June 12. The buyer of the property was not disclosed.

InvenTrust Properties Corp. purchased River Oaks, a 275,000 square foot grocery-anchored center in Valencia for $115 million in September 2017.

“We are excited to acquire this institutional-quality retail destination positioned at the epicenter of the Valencia retail hub,” said Michael E. Podboy, EVP – Chief Financial Officer, Chief Investment Officer of InvenTrust, in a statement issued Sept. 19, 2017. “River Oaks is located in a highly desirable suburban market with a diverse tenant lineup and attractive, high performing anchors such as Target, Sprouts and buybuyBaby. We anticipate that this accretive transaction will drive long term value.”

The release also mentioned that the company was adding the River Oaks Center to its portfolio which included Stevenson Ranch Plaza.

“The acquisition of River Oaks further highlights our continued progress enhancing our portfolio with premier open air retail assets,” said Christopher Covey, senior vice president of transactions for InvenTrust, based in suburban Chicago. “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 Ralphs-anchored Stevenson Ranch Plaza was sold by InvenTrust Properties and purchased by Merlone Geier for $58 million in November, 2024. Seller InvenTrust Properties paid $73 million for the Santa Clarita Valley property in 2016.

The June 12 press release by InvenTrust said the sale of the River Oaks Center included other properties in California.

The release read:

InvenTrust Properties Corp. has announced the successful disposition of a portfolio comprising five California assets for approximately $306 million.

“This transaction is a testament to our team’s unwavering focus on portfolio optimization and strategic capital allocation,” said DJ Busch, President and CEO of InvenTrust Properties. “Rotating capital from California has been a strategic objective for some time. We believe that simplification and portfolio concentration in growth-oriented Sun Belt markets where we have been actively investing will further create long-term value for shareholders.”

Busch continued, “Approximately $275 million of the proceeds are allocated to acquisitions that have closed (approx. $70 million), are under contract, or have been awarded demonstrating our ability to redeploy capital in an effective, yet disciplined manner. Our pipeline remains strong, and we are confident that we will meet our net acquisition guidance of $100 million for the year.”

The proceeds from this sale will be reinvested into key Sun Belt markets such as Atlanta, Charleston, Phoenix, Central Florida, Richmond and San Antonio. These have consistently demonstrated robust economic fundamentals and population growth. InvenTrust intends to continue to pursue new opportunities to grow its Sun Belt portfolio and further leverage the company’s strong operational platform and capital structure.

The company has one remaining asset in California which is slated to be disposed of by the end of the year. All transaction activity highlighted was fully contemplated in initial guidance provided by the company in February 2025. Additional transactional updates and operating results will be discussed on the second quarter earnings conference call.”

The five properties referred to in the press statement include:

Bear Creek Village Center in Wildomar, Pavilion at LaQuinta in La Quinta, River Oaks in Santa Clarita, Campus Marketplace in San Marcos and Old Grove Marketplace in Oceanside.