The center, Palmdale Promenade, stands at 340 W. Ave. P. It was acquired by privately held MG Development Associates.
The seller of the 96,352-sf retail development is K/B Retail Properties. Both parties in the transaction were represented by brokers Gregory Brown, Edward Hanley and Mark Lucescu.
The market for retail property in Palmdale and neighboring Lancaster suffered throughout much of the 1990s, as several of their biggest employers--many of them in the aerospace industry--initiated major layoffs.
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