Newmark has completed a 20-year, 85,653-square-foot lease with Vallarta Supermarkets on behalf of the ownership. Move-in is anticipated to occur in late 2018.
Newmark Senior Managing Director Mark Baziak and Associate Geoff Foley represented the landlord, Auburndale Properties. Springstead Associates represented the tenant.
Located at 8201 Topanga Canyon Blvd. in Canoga Park, CA, the grocer will occupy space formerly occupied by Vons. The space is within a larger retail center that totals 150,000 square feet with tenants including T-Mobile, McDonald’s and El Pollo Loco.
“There was a lot of interest from potential tenants for this space. Ultimately, we chose an ideal brand that was flexible with lease terms and that was a good fit with the local community,” said Baziak. “Ethnic grocers are doing extremely well in Southern California. Vallarta, which has a strong following and growing sales, was a strategic choice and will serve the significant surrounding Latino population.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
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