The Valencia Town Center Mall has been purchased by the Centennial real estate investment firm, officials announced Tuesday morning.

The sale comes several months after the City invited residents to weigh in on a long-term vision for the Valencia Town Center.

Unibail-Rodamco-Westfield (URW), the original owners, defaulted on a $195 million loan in connection with Santa Clarita’s Valencia Town Center Mall. URW noted in it’s Q1 report they had “engaged in discussions to sell Westfield Valencia Town Center having taken the decision to not repay the $195 million.”

​​The Paris-based URW, has made plans to jettison all U.S. properties over the next several years through sale or default, according to a report from URW.

Centennial describes itself as a real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations and full-service property management.

“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,” says Carl Tash, Chief Investment Officer and Senior Executive Vice President, Centennial. “We do envision some changes for Valencia Town Center, similar to the strategic redevelopments taking place now at Hawthorn and Fox Valley in the Chicago area. While it is too soon to announce any definitive plans, Valencia Town Center is in the perfect location to become a multi-use live-work-play destination that seamlessly and aesthetically combines retail, restaurants, entertainment, luxury living and office space in a single master-planned campus.”

Last year, the Texas-based firm was awarded the management contract for the Antelope Valley Mall.

Centennial also owns and operates the MainPlace Mall in Santa Ana and manages Pacific City in Huntington Beach.

The real estate firm aims to strategically and thoughtfully transform retail real estate into mixed-use, dominant destinations. Each project is carefully curated to offer a unique-to-market experience that serves the needs and wants of the community, according to the mission statement on their website.

“We are committed to this shopping center and to the Santa Clarita community for the long haul, and with some creativity, we can reimagine this center, maximizing its potential for today and tomorrow,” says Steven Levin, founder and CEO of Centennial. “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. While we contemplate changes for Valencia Town Center, we will strive to maintain the essence of what this center has always been to the city of Santa Clarita, building upon that to create a transformative and vibrant mixed-use campus that is attractive to locals and visitors alike.”

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