M
erlone Geier has acquired Stevenson Ranch Plaza, an outdoor mall in the Santa Clarita Valley anchored by Ralphs supermarket, for $57.8 million. The property spans 187,000 square feet and sits on an 18.8-acre site at the intersection of Old Road and Pico Canyon Road. The sale closed on November 6, according to Los Angeles County records.

    The seller is InvenTrust Properties, which acquired the asset in 2016 for $72.5 million when it was 97% occupied. Other tenants include LA Fitness, PetSmart, and Guitar Center. Merlone Geier has a history of redeveloping former retail sites into multifamily properties, including a planned $370 million residential conversion project at a shuttered Sears in Glendale.

    The company is also converting a closed Sears site in Buena Park into a 1,176-unit apartment complex with 126 townhomes. Merlone Geier has invested in West Coast retail properties since the early '90s and owns 26 Southern California properties, including NOHO West and The Village at Laguna Hills.

    Merlone Geier's plans for Stevenson Ranch Plaza are unclear, as the firm did not respond to a request for comment.