Retail developer Merlone Geier Partners has added another prominent property to its Southern California portfolio: Stevenson Ranch Plaza. The outdoor mall, anchored by a Ralphs supermarket, sold for $57.8 million (roughly $309 per square foot), according to Los Angeles County records reviewed by The Registry. The deal, which closed on November 6, represents the latest move in Merlone Geier’s strategy to transform and modernize retail properties across the region.
Stevenson Ranch Plaza is a sprawling 187,000-square-foot property located at the intersection of Old Road and Pico Canyon Road in the Santa Clarita Valley. The center, which sits on 18.8 acres, is home to a mix of tenants, including LA Fitness, PetSmart, and Guitar Center. With high occupancy rates and a strong tenant base, the mall remains a key retail destination in the area. Its previous owner, Illinois-based InvenTrust Properties, acquired the site for $72.5 million in 2016.
While Merlone Geier has not disclosed plans for the property, the firm’s track record suggests potential redevelopment could be on the horizon. The company has gained recognition for its ambitious projects, often reimagining aging retail centers as vibrant mixed-use communities.
In September 2024, the company announced the opening of a new Nordstrom Rack store at Clairemont Town Square in San Diego. This 26,000-square-foot store enhances the shopping center’s retail offerings, joining existing tenants like Burlington, TJ Maxx, and Ulta Beauty.
Taylor Pham, vice president of Merlone Geier Partners, expressed enthusiasm about the addition. “Clairemont Town Square is a community favorite for shopping, dining, and socializing. The exciting addition of Nordstrom Rack to our already diverse collection of retailers will offer visitors an even more vibrant and complete experience,” he said in a statement.
This development aligns with Merlone Geier’s broader strategy in 2024 to enhance and expand their retail properties across Southern California, aiming to create vibrant, community-focused shopping destinations.
Founded in the early 1990s, Merlone Geier has consistently focused on acquiring and repositioning retail properties on the West Coast. Its Southern California portfolio includes major assets such as NOHO West, a mixed-use development in North Hollywood, and The Village at Laguna Hills, a 67.6-acre site undergoing redevelopment.
