Plaza del Rancho was acquired by Kensington from Newhall Land and Farming Company. Newhall, responsible for the master planned community of Valencia, developed the retail center in advance of the planned housing communities expected to extend South and Southwest of the site. With its primary focus on residential development, the ownership team was not maximizing the value of the 50,265-square-foot commercial property. Upon acquisition, the K-REG team conducted initial cosmetic upgrades and launched a re-tenanting effort to bring existing leases to market rate and lease the remaining 20% of vacant space. Most notably, a 7-11/Citgo Gas Station was developed on the hard corner to take advantage of the available land and tap into the growing population. The asset was successfully refinanced twice.