SYLMAR, CA—Primestor Development and Sarofim Realty Advisors have acquired the Sylmar Town Center, a 148,236-square-foot retail center, from a partnership between ICO Real Estate Group, Cypress Equity and Robhana Group. While the sales price is undisclosed, the list price of the property was $33 million. 

Located at 12629-12721 Glenoaks Blvd in Sylmar, the property is co-anchored by a Food 4 Less and CVS. It is 94% occupied with a tenant mix that includes, in addition to the anchor tenants, Big Lots, Bank of America, O'Reilly Auto Parts, Leslie's Pool Supplies. These tenants pay an average rent of just over $0.67 per square foot, well below market value.  

Because of this strong tenant base, the property has a stable income stream with strong upside potential, according to Dan Riley of CBRE, who represented the sellers in the transaction along with his colleagues Ben Cherney and Ken McLeod. The involved parties did not respond to a request for comment.

The Sylmar market, located in the San Fernando valley, is strong with increasing home sales prices and increasing population that can support that can support a growing retail market. The market also has a strong base of employers. Oaktree and Intertex, for example, recently formed a joint venture to purchase the Sylmar Biomedical Park, an 181,000-square-foot medical office building that is fully leased.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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