Prince Commercial will work with the leasing team and ownership relative to the overall strategic repositioning of the property. In addition to Milan Capital’s “aggressive leasing plans of the remaining vacant space” it also has plans to separately “parcelize” the pad buildings for their potential sale as single-tenant net leased investments.

Milan Capital’s president, Chris Nichelson, says that the firm hopes to enhance the tenant mix at the property by “attracting national tenants with recognized names.”

Santa Fe Springs Promenade is the most recent purchase for Milan Capital Management, a privately-held commercial real estate investment and management company with two million square feet of office and retail assets as well as several hundred apartment units under ownership.

Faris Lee Investments’ Dennis Vaccaro, Rich Walter and Matt Mousavi brought together the buyers. “Faris Lee advised the joint venture on a unique tenant repositioning opportunity to solidify both anchor and junior anchor tenant spaces, bring rents up to market rates, renegotiate upcoming lease expirations, and lease up currently vacant space,” Walter explains. “Additionally, we will work with the joint venture on recommendations for a complete remodel of the property as well as parcelizing the asset as part of a break-up exit strategy down the line.”