Savills Studley Negotiates Sale of Two Trophy Southern California Shopping Centers for a Combined Value of $352 Million

Savills Studley’s National Retail Services Group represented the sellers of two trophy Southern California shopping centers located in Westlake Village and San Diego.

North Ranch Shopping Center, a 146,625-square-foot neighborhood shopping center in Westlake Village, was purchased for $122.8 million by ROIC California, LLC, an entity of the Retail Opportunity Investment Corporation, a publicly traded REIT.

The center is located at 3815-3963 Thousand Oaks Boulevard and is situated at the corner of Thousand Oaks and Westlake Boulevards, one block from the 101 Freeway. The project is anchored by Ralphs Fresh Fare, Rite Aid, Trader Joes, and Petco.

Mira Mesa Marketplace, a 487,807-square-foot regional shopping center in San Diego, was purchased for $229 million by Stockbridge Capital Group, headquartered in San Francisco.
The shopping center is located at Mira Mesa Boulevard/I-15 Freeway. Mira Mesa Marketplace is anchored by Smart & Final Extra, CVS, Home Depot, Edwards Theatre, Ross, Old Navy, and Barnes & Noble.

Bill Bauman, executive vice president, and Kyle Miller, senior managing director, of Savills Studley’s National Retail Services Group represented the sellers in the transactions.

“Both centers are extremely unique and represent the ‘best in class’ in their respective product types,” explained Miller.

“North Ranch Shopping Center is an exceptional dual-grocery anchored center in the heart of one of the most affluent trade areas in Southern California. Mira Mesa Marketplace is a high-traffic, dominant regional shopping center in Southern California supported by an outstanding freeway adjacent location, strong tenant mix, and dense and prosperous consumer base,” said Bauman.