24917 to 24931 Pico Canyon Road (credit: Google Earth)
InvenTrust Properties, a national real estate investment trust, purchased a seven-property retail plaza in Stevenson Ranch on Wednesday for $72.5 million.
The properties at 24917 to 24931 Pico Canyon Road in the L.A. County community just north of the San Fernando Valley are almost completely occupied, with only one building that isn’t 100 percent leased, according to CoStar. The buildings span 187,000 square feet in a center anchored by a Ralphs grocery store. The 26 tenants include a handful of restaurants, an L.A. Fitness and a FedEx Kinkos.
An InvenTrust spokesperson told The Real Deal the REIT does not have any major redevelopment plans for its latest acquisition.
Stevenson Ranch, located in the Santa Clarita Valley, checked all the boxes of InvenTrust’s demographical criteria, including above average household income and population growth, the spokesperson said.
The seller was DSB Properties, a Westlake investment firm. It could not be reached for comment.
Based in Oak Brook, Illinois, InvenTrust owns 128 multi-tenant retail spaces in 24 states. The Stevenson Ranch Plaza marks its fifth property in Southern California. In addition to retail properties, InvenTrust also operates a student housing arm called University House Communities.