Somerset Village Fetches Nearly $9M

LANCASTER, CA-The Sydney Trust has acquired the Somerset Village shopping center for nearly $8.9 million from Lancaster Real Estate, according to Sperry Van Ness.

Jon Sorokowski of the Ontario office of Sperry Van Ness, who represented the seller of the 76,146-sf retail center, says the property attracted 16 competitive offers, indicating the strong demand for retail investments in Southern California. The two-building center is located at 1915-1987 Avenue L in Lancaster.

Sorokowski says that Somerset Village, a neighborhood shopping center, includes “an excellent mix of tenants” and a good location at the northeast corner of Avenue L and West 20th Street. The Antelope Valley Freeway is located approximately one mile to the east and can be accessed at Avenue L. The center is 100% leased to Washington Mutual Bank, Pizza Hut and other tenants, and it is anchored by a 37,905-sf Ralphs grocery store. Another attraction of the property is that the Lancaster area has evolved as an affordable housing location serving the greater Los Angeles Basin, Sorokowski notes.

Ray Dracosler of Rayden Capital Corp. represented the buyer.