Real estate investment firm Centennial bought the vast 1M-square-foot shopping center in Santa Clarita for $199M.
The sprawling Valencia Town Center in Santa Clarita will become a multi-use development with luxury homes, retail and restaurants.
Carl Tash, chief investment officer and senior executive vice president at Centennial said in a phone interview that the shopping mall is in a prime spot for a multi-use development that combines luxury homes, retail, restaurants and office space. Earlier this year, officials with the city of Santa Clarita reached out to the public for input on a plan to revamp the mall when it became known that the shopping center’s then-owner, Unibail-Rodamco-Westfield, had defaulted on the $195 million loan for the property.
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