Newmark announces it has completed the sale of Victory Plaza, a 136,580-square-foot, grocery-anchored retail center in North Hollywood, California. The asset sold for $57.75 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, Kennedy Wilson, a global real estate investment company based in Beverly Hills. The buyer was Gerrity, a vertically integrated real estate investment and operating company based in San Diego.
“Victory Plaza is an irreplaceable piece of real estate in urban North Hollywood,” said Bethea. “Both parties teamed to navigate a loan assumption process as well as the recent twist and turns in the general market. An incredible job by all—Newmark is grateful to have been a part of the process and congratulates Kennedy Wilson and Gerrity on a transaction well done.”
Located at 13007-13047 Victory Boulevard, Victory Plaza is situated on 12.21.acres of land and is anchored by the high performing Vallarta Supermarkets. The center was 97% occupied at the time of sale to a credit, internet-resistant tenant roster averaging over 18 years of tenure. The tenant roster includes junior anchors CVS, LA Fitness, Petco and US Renal Care as well as Citibank, Blaze Pizza and Chipotle.
Victory Plaza is located near one of the busiest intersections in the dense, high-growth epicenter of the San Fernando Valley. The property is proximate to 350,000 residents within a three-mile radius and benefits from daily traffic counts of over 211,000 vehicles along the Hollywood Freeway. The center features three entry drives along the highly trafficked Victory Boulevard for easy access.
According to Newmark Research, retail was the only sector to increase investment sales year-over-year. Investment sales across all property sectors declined 23% year-over-year and 27% quarter-over-quarter in the third quarter of 2022. Even so, it was the second-best third quarter on record.