Stevenson Ranch Plaza in Santa Clarita Valley Acquired by Merlone Geier for $57.8M

Stevenson Ranch Plaza, a grocery-anchored shopping center in the Santa Clarita Valley, was acquired by Merlone Geier for $57.8 million, or $309 per square foot.

The 187,000-square-foot outdoor mall was built in 1996 and is anchored by Ralphs, LA Fitness, PetSmart and Guitar Center. It sits just south of Six Flags Magic Mountain along a retail corridor that includes Wal-Mart, Nike, Ross Dress For Less, Marshalls and Bob’s Discount Furniture. The center was 91% occupied at the time of the sale and had an in-place net operating income of $3.7 million. Two new food and beverage tenants are set to open in early 2025.

The prior ownership completed a $2-million renovation that included façade upgrades and painting last year. Other active projects include parking lot improvements and patios for the new tenants.