SANTA CLARITA, CA-GlobeSt.com has learned exclusively that Shangri-La LLC has sold the Center at Shangri-La, a 53,692-square-foot retail shopping center here, to an unidentified buyer for $10 million. The sales amount is the price equivalent of $186 per square foot for the multi-tenant center.
Gregory Mills, SVP investments in Marcus & Millichap’s Encino, CA, office, represented the seller in the transaction. “Renewed interest in the multi-tenant sector and a targeted marketing campaign created a significant amount of interest in this property,” Mills said in a prepared statement. “As the local economy continues to show momentum, investors will pursue retail centers with stable occupancies like the Center at Shangri-La.”
Located at 18635 Soledad Canyon Rd., approximately 35 miles northwest of downtown Los Angeles, the center is co-anchored by the Santa Clarita Public Library. 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.
The center is 97% preleased to 15 tenants on triple-net leases with fixed increases. Other tenants at the center include Telesis Communication, Everest Charbroiled Burgers, IHOP, the Medicine Shoppe, Jersey Mike’s Subs, Domino’s Pizza and the Elite Fitness Compound.
The Center at Shangri-La is the second Santa Clarita shopping center transaction in less than a week on which GlobeSt.com has reported. Earlier this week, GlobeSt.com learned exclusively that a regional real estate developer has sold Riverview Place, a 45,525-square-foot shopping center in the Newhall district here, to a Southern California-based private investor for $12.5 million, which equates to $275 per square foot. The sale was subject to the assumption of a CMBS loan.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
