Fallbrook Center Sells for $210 Million

By staff-author

June 2, 2014

0

The Fallbrook Center outdoor mall in West Hills has sold for $210 million to a San Diego real estate investment trust. Retail Opportunities Investment Corp. purchased the 1.2 million square foot retail center from General Growth Properties Inc. of Chicago in a deal announced on Monday. The firm expects the trade to close in the second quarter. “In addition to the strategic attributes, we expect that the transaction will be immediately accretive and enhance our long-term, stable cash flow,” said Retail Opportunities Chief Executive Stuart A. Tanz, in a statement. The property, which runs along Fallbrook Avenue from Victory Boulevard to Vanowen Street, is 98 percent leased and has a variety of high-profile tenants, including Trader Joe’s, Ralphs, Home Depot, 24 Hour Fitness, Target, Wal-Mart and Sprouts Market. Retail Opportunities owned 56 shopping centers totaling about 6 million square feet of retail space as of March 31, including the 100,000-square-foot Plaza de la Canada in La Canada-Flintridge. General Growth still has a substantial presence in the San Fernando Valley, owning both the Glendale Galleria and Northridge Fashion Center.

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