A developer says its tailored selling strategy for a shopping center near Los Angeles County has unlocked greater returns.
Spirit Properties has sold several parcels totaling nearly 120,000 square feet at the Centre Pointe Marketplace retail center in Santa Clarita to two buyers: a real estate investment trust and a private firm making its first retail purchase.
Spirit Properties developed the center within the 2.5 million-square-foot mixed-use Centre Pointe Business Park. In the larger deal, it sold two properties at 26574-26583 Carl Boyer Drive to Agree Realty for a combined $25 million, according to CoStar data. The properties total 86,616 square feet and are occupied by Dick's Sporting Goods and Burlington.
In the smaller deal, Spirit sold a 30,624-square-foot Sky Zone Trampoline Park for $8.75 million to a 1031 Exchange buyer exiting a gas station investment and seeking its first retail investment, according to Hanley Investment Group's Kevin Fryman, who helped represent the seller and the buyer in the deal.
The seller previously sold a chiropractic business to the tenant, and it still owns a multi-tenant pad in the center.
“This break-up strategy allowed us to unlock greater value for the seller by matching each asset with its ideal buyer: an institutional investor for the multi-tenant property and a private 1031 buyer for the single-tenant opportunity," Fryman said in a statement.
Retail leases
Dick's Sporting Goods recently extended its lease and remodeled its store at the property, while off-price apparel chain Burlington assumed the lease from Joann Fabrics following that retailer’s dissolution under Chapter 11, Sean Cox of Hanley said.
Sky Zone, meanwhile, signed a lease for the space and made improvements to it.
“The property’s location, tenant strength, and recent lease activity made it a compelling fit for institutional capital seeking durable income and long-term stability,” Cox said.
“Investor appetite for ... single-tenant net lease assets backed by nationally recognized tenants in high-growth markets remains strong,” Fryman said.
Agree Realty specializes in single-tenant, net-leased properties, having invested $727 million in such properties during the first half of 2025.
Santa Clarita’s retail market is shifting, with availability creeping up just above the 10-year average to 6.2% thanks to store closures like Joann’s, according to CoStar data. Santa Clarita rents have climbed 13.1% over the past five years, compared to greater LA’s 9%, though rents have slipped this year.
The transactions add to a 25% year-over-year uptick in retail property sales across Los Angeles over the past year, according to CoStar data. The amount of new retail space under construction across the market has dropped by 24% in the past year, and the average availability level is hovering around 6%, compared to the national average of 5%.
For the record
Fryman and Cox of Hanley Investment Group represented the seller and the buyer.