New Beginnings: Centennial's Vision for the Valencia Town Center Mall

Carie Gonzalez

In an exciting development, the Valencia Town Center Mall has found a new owner in the form of Centennial, a prominent real estate investment firm. This announcement was made official on a bright Tuesday morning, marking a significant turning point for the beloved shopping and entertainment destination.

This sale comes after several months of anticipation, during which the City had actively sought input from residents to shape the long-term vision for the Valencia Town Center. Unibail-Rodamco-Westfield (URW), the original proprietors, had faced financial challenges and defaulted on a substantial $195 million loan linked to the Santa Clarita-based mall. In their Q1 report, URW candidly disclosed their intent to sell the Westfield Valencia Town Center, opting not to repay the $195 million owed.

URW, headquartered in Paris, had already set a course to divest all their U.S. properties over the upcoming years, either through sale or default, as indicated in their reports.

Centennial is a recognized name in the real estate sector, boasting a national portfolio that encompasses shopping centers, dining establishments, entertainment venues, and mixed-use destinations. They also offer full-service property management, making them a formidable player in this arena.

Carl Tash, Chief Investment Officer and Senior Executive Vice President at Centennial, expressed the firm's enthusiasm about the acquisition: "Valencia Town Center is prime retail real estate with an L.A.-adjacent location in a prosperous and growing community, all of which makes it a tremendous asset for Centennial’s expanding portfolio of owned and managed properties." He went on to hint at forthcoming changes, similar to strategic redevelopments occurring at other Centennial properties. While exact plans are still under wraps, Valencia Town Center is positioned perfectly to evolve into a multi-use live-work-play destination, seamlessly blending retail, restaurants, entertainment, luxury living, and office space within a thoughtfully designed campus.

Centennial's track record includes managing the Antelope Valley Mall and owning and operating the MainPlace Mall in Santa Ana, as well as overseeing Pacific City in Huntington Beach. Their mission is to transform retail real estate into dynamic, mixed-use destinations that cater to the needs and desires of the community.

Steven Levin, the founder and CEO of Centennial, shared his commitment to both the shopping center and the Santa Clarita community: "There is never anything cookie-cutter about what we do at Centennial; when we approach a redevelopment, it is always in partnership with the community, taking the community’s wants and needs into account." He emphasized their intention to maintain the essence of what Valencia Town Center has represented to the city of Santa Clarita while envisioning a transformative and vibrant mixed-use campus that will appeal to locals and visitors alike.

With Centennial at the helm, the future looks promising for the Valencia Town Center, and the community eagerly anticipates the exciting developments that lie ahead.

Source: Andrew Menjivar, KHTS