5-in-1 Shopping Center Rising

Valley Central, a $50-million, 76-acre shopping center being built in Lancaster, combines elements of several types of retail centers, according to developers Malcolm R. Riley and Arthur L. Pearlman of Riley/Pearlman Co., Los Angeles.

The two veteran developers--represented in the Antelope Valley by West Lancaster Plaza and the soon-to-be-in-construction East Lancaster Plaza--call the 750,000-square-foot project that combines several individual centers into one a “multi-center.”

The partners say that a retail development such as Valley Central, going up along the west side of the Antelope Valley (14) Freeway between Avenue J and Lancaster Boulevard and 25th Street West, is more than justified by the population growth of the Antelope Valley.

Palmdale and Lancaster, the two largest cities in the area, were among the 15 fastest-growing in California last year, with Palmdale ranking first in the state with a 40.5% growth increase in 1986, Riley said. He added that the projection is for a continued 10%-15% annual growth in this area for the foreseeable future.

The joint-venture partner of Riley/Pearlman Co. in the project is DSL Service Co., a subsidiary of Downey Savings & Loan Assn., which will be locating its second Antelope Valley branch in the project in a 5,400-square-foot free-standing building.

“We had to come up with a new word to describe this center because it is unique in having five individual centers combined into one project,” Pearlman said .

“There is a ‘power center’ anchored by HomeClub and Costco (113,789 and 126,804 square feet, respectively), a neighborhood shopping center with a major supermarket, a discount center, a furniture mall and an entertainment complex, anchored by a 12-screen movie theater, part of a chain owned by Cinemark Corp. of Dallas.”

Designed by the San Diego architectural firm of SGPA Planning & Architecture, Valley Central will draw customers from a trade area with a population of more than 255,000, from Ridgecrest on the north to Palmdale on the south, Riley said.

The “power center” with the HomeClub and Costco is already under construction on a 25-acre site, with a mid-summer opening planned. The rest of the center is expected to open beginning next year, he added.

Leasing is being handled by Terranomics Retail Brokerage, headed by Nick Javaras.