02 Aug 2018

PROPERTY SPOTLIGHT: Santa Clarita’s Centre Pointe Marketplace Endures the Cycle

Centre-Pointe_3Like many other Southern California assets, Santa Clarita’s Centre Pointe Marketplace can proudly boast that the now-healthy shopping center endured the toughest of economic cycles.

Managed by Coreland Companies’ Valencia-based team, the shopping center is positioned at the “centre point” between the I-5 and SR-14 freeways. Developed pre-recession in 2007, it was parcelized and sold shortly after to private investors. What followed became a common story: pre-recession aggressive lease rates posed challenges for many tenants. Several requests for rent relief, rental abatements, deferments and vacancies followed. However, proactive ownership and real estate management kept the property (and several retailers) afloat.

Centre-Pointe_6Centre Pointe Marketplace is part of a 650,000 square foot retail campus with national tenants such as, Super Wal-Mart, Sam’s Club, LA Fitness, Home Depot, Dick’s Sporting Goods, Ashley Furniture and JoAnn Fabrics. Currently, the 22,827-square-foot corner parcel is on the market and boasts 95% occupancy.

 

 

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