Sierra Crest Center, 27125 Sierra Highway, Santa Clarita.
Sierra Crest Center, a retail and office center in Santa Clarita, has sold to a joint venture group for $9.9 million.
CBRE’s Alex Kozakov, Patrick Wade and Matt Greenberg represented both sides of the transaction. The new ownership is a consortium of developers, led by Synergize Ventures in Danville in the Bay Area; Lotus Equity Partners in New York, and Ambassador Equities in Cleveland.
The shopping center was the only sale to come in at over $3 million in Santa Clarita since last summer, according to CBRE.
Located at 27125 Sierra Highway not far from the SR-14 freeway, the 66,782 square-foot center opened in 1991. The two-story Sierra Crest currently features a tenant mix of 69 national and regional tenants, including Dunkin’, State Farm, Firestone, AT&T and Farmers Insurance.
CBRE’s Alex Kozakov, Patrick Wade and Matt Greenberg represented the buyer in the transaction.
Located at 27125 Sierra Highway, the two-story, 66,782 square-foot center was originally built in 1991. Sierra Crest Center features a tenant mix of 69 national and regional tenants, including Dunkin’ Donuts, State Farm, Valvoline, Firestone, AT&T, and Farmers Insurance. The property is within one mile of SR-14, a major freeway that connects Santa Clarita to the rest of Southern California.
“With business restrictions constantly fluctuating, we had several income challenges throughout escrow, but were able to overcome those with a motivated seller, strong buyer and experienced loan assumption team,” said Wade.