Sylmar Shopping Center Sells After Numerous BiddersThursday, February 27, 2014
The Sylmar Square Shopping Center has sold for $16.8 million – the largest retail sale in the northeast San Fernando Valley in more than a year.
The 140,000-square-foot center at 13700-13790 Foothill Blvd. was bought by Levy Affiliated Holdings LLC of Santa Monica from C-III Asset Management of Irving, Texas, NAI Capital said Wednesday.
Fariba Kavian, senior vice president with NAI Capital’s West L.A. office, represented C-III. She said the listing garnered a lot of attention and nearly 20 offers.
“This listing generated an auction environment where buyers aggressively competed for the chance to purchase this highly desirable value-add property,” she said in a statement.
The center was built in 1957 and is comprised of one- and two-story, multitenant buildings at Foothill Boulevard and Sayre Street. It’s anchored by a Vons supermarket, Chase branch, Verizon store and Payless ShoeSource.