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| 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.
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| 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.
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| 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
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