Marcus & Millichap Sells $10 Million Los Angeles County Retail Center

Center at Shangri-La, Santa Clarita, CA

 SANTA CLARITA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Center at Shangri-La, a 53,692-square foot retail shopping center in Santa Clarita, Los Angeles County’s third-largest city. The $10 million sales price equates to $186 per square foot.

            Gregory Mills, a senior vice president investments in Marcus & Millichap’s Encino office, represented the seller, Shangri-La LLC.

Gregory A. Mills

 “Renewed interest in the multi-tenant sector and a targeted marketing campaign created a significant amount of interest in this property,” says Mills. “As the local economy continues to show momentum, investors will pursue retail centers with stable occupancies like the Center at Shangri-La.”

            The center is located at 18635 Soledad Canyon Road in Santa Clarita, approximately 35 miles northwest of downtown Los Angeles.

            Co-anchored by the Santa Clarita Public Library, the Center at Shangri-La is 97 percent leased to 15 tenants on triple-net leases with fixed increases. Though not a part of the sale, the library drives a large volume of vehicle and pedestrian traffic to the property and contributes a proportionate share of common area maintenance reimbursements.

Santa Clarita, CA Public Library

Tenants at the Center at Shangri-La include Telesis Communication, Everest Charbroiled Burgers, IHOP, The Medicine Shoppe, Jersey Mike’s Subs, Domino’s Pizza and the Elite Fitness Compound.

  Contact:

Stacey Corso

Public Relations Manager

(925) 953-1716