Two Southern California Shopping Centers Change Hands for $352 Million

Los Angeles and San Diego — Savills Studley has arranged the sale of a pair of shopping centers in Southern California for a combined sales price of $352 million.

In the first transaction, ROIC California purchased North Ranch Shopping Center, a 146,625-square-foot neighborhood shopping center located in the Los Angeles submarket of Westlake Village, for $122.8 million. Ralphs Fresh Fare, Rite Aid, Trader Joe’s and Petco anchor North Ranch. It is located at 3815-3963 Thousand Oaks Blvd., one block from the 101 Freeway.

In the second transaction, Stockbridge Capital Group purchased Mira Mesa Marketplace, a 487,807-square-foot regional shopping center in San Diego, for $229 million. Smart & Final Extra, CVS/pharmacy, Home Depot, Edwards Theatre, Ross, Old Navy and Barnes & Noble anchor Mira Mesa. It is located off Interstate 15 on Mira Mesa Boulevard.

Bill Bauman and Kyle Miller of Savills Studley’s National Retail Services Group represented the unidentified seller of the two properties. ROIC California is an entity of the Retail Opportunity Investment Corp., a publicly traded REIT. Stockbridge Capital Group is a real estate investment firm headquartered in San Francisco.

—   Nellie Day

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