NORTHRIDGE, CA-A local family trust has purchased the Porter Ranch Shopping Center from an affiliate of Santa Monica-based Doerken Properties Inc. for $15.5 million, according to Marcus & Millichap.
Edward Hanley and Gregory Brown of the National Retail Group at Marcus & Millichap in Newport Beach represented the seller, with the buyer, the Klein Family Revocable Trust, represented by Joe Lopez of Westcord Commercial in Westlake Village.
The 54,668-sf center is anchored by Whole Foods, the US Post Office, Citicorp Savings, Bank of America, Subway and Kaiser Pharmacy. The Whole Foods portion of the center was not a part of the sale.
The seller of the Porter Ranch Shopping Center, Doerken Properties, specializes in the acquisition and development of retail properties throughout California. Through its affiliate, Doerken Real Estate Services (DRES), Doerken also offers mezzanine loan financing for acquisition, development and redevelopment projects throughout the Western United States.
The Marcus & Millichap brokers note that the shopping center enjoys a good location at 19300 & 19344-19362 Rinaldi St., an area with good demographics in the high-income Porter Ranch community. The Porter Ranch development is a master-planned community including a number of new neighborhoods, a town center and a series of additional planned residential and commercial developments. The Porter Ranch area is close to existing as well as new retail and commercial areas and is also near transportation, industry and the California State University at Northridge campus.
The area's new Porter Ranch Neighborhood Council, was recently certified by L.A. Mayor James Hahn as an advisory body to the Los Angeles City Council on planning and land use issues. City officials say the Porter Ranch tract, comprising several thousand acres, is the largest undeveloped parcel of land in the L.A. city limits.
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