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.
However, the area is now showing new signs of life. Several companies have recently relocated or started up in the area, lured by the North County's talented workforce and its abundance of inexpensive land. Home prices in the area are also surging, which has triggered an increase in consumer confidence and higher retail sales.
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