Greater Los Angeles Retail Center Trades for $16.9 Million

Simi Valley Shopping Center, 1856 Erringer Road, Simi Valley, CA

Anita Paryani

SIMI VALLEY, CA,  Nov. 26, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Simi Valley shopping center, a 99,662-square-foot retail center in the Greater Los Angeles Area city of Simi Valley. The $16.9 million sales price equates to $170 per square foot.

            Marty Cohan, vice president investments, and Douglas Cole, associate, both in Marcus & Millichap’s West Los Angeles office, represented the seller, who had owned the property for 45 years, and the buyer, Milan Capital Management of Anaheim, Calif.

Jake Roberts

Cohan and Cole also arranged, through Marcus & Millichap Capital Corp.’s Anita Paryani and Jake Roberts, both vice presidents capital markets in MMCC’s West Los Angeles office, an interim refinance of the seller’s existing conduit debt with a $7.5 million flexible bridge loan that permitted repayment without penalty.

  That mortgage was retired at close with a new loan arranged by Milan Capital Management that provides leverage and construction money in anticipation of a complete renovation of the shopping center, including the expansion and extension of the anchor tenant’s lease.  

            “The Los Angeles and Ventura county retail markets are seeing a lot of activity,” says Cohan.

Marty Cohan

“Anchor tenants are upgrading and expanding and investors seeking acquisition and remodeling opportunities abound. 

Well-located centers with value-add possibilities such the Simi Valley shopping center are attracting a great deal of attention from across the investment spectrum,” adds Cohan.

 “The center’s new owner competed aggressively for the property and we enjoyed working with them.”

            “Known locally as the ‘Smart & Final Center,’ the Simi Valley shopping center’s tenant mix and central location make it a popular shopping destination,” concludes Cole.

Douglas Cole

            Built in 1965 on 6.8 acres, the property is located at 1856 Erringer Road in Simi Valley, Calif., at the corner of Los Angeles Street and Erringer Road. Both streets are main thoroughfares through Simi Valley.

            Smart & Final, Tri-Counties Regional Center, Theresa’s Country Feed, Pet, and the Simi Valley Hospital anchor the center.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716