$16.9M FOR CENTER IN SIMI
In another large retail property sale, the Smart & Final-anchored mall in Simi Valley has changed hands for $16.9 million, or about $170 per square foot. Milan Capital Management of Anaheim purchased the 99,662-square-foot shopping center.
Marcus & Millichap Real Estate Investment Services represented both buyer and seller in the deal. The firm also arranged interim refinancing of the seller’s existing conduit debt with a $7.5 million flexible bridge loan that permitted repayment without penalty, according to a press release. That mortgage was retired at closing with a new loan arranged by Milan Capital, providing leverage and construction money. The new owner is planning a complete renovation that includes an expansion as well as an extension of Smart & Final’s lease.
MORE TENANTS AT RIVERPARK
The Collection at RiverPark shopping center in Oxnard said women’s fashion brand White House/Black Market has signed a lease to join its lineup of soft goods retailers.
The shopping center, located in Oxnard next to Highway 101, officially opened in 2011 with anchor retailer Target. Since then, it has added a host of other retailers and restaurants and H&M, Whole Foods Market, REI and Yard House, among others, have opened during the last few months. Tenants signed and awaiting opening include Toby Keith’s I Love This Bar & Grill, Lazy Dog Restaurant & Bar and a 40,000-square-foot 24-Hour Fitness Super Sport.
DEAL OF THE WEEK
Investor Manny Villasana recently purchased a seven-unit apartment property at 6418 Hummingbird St. in Ventura for $1.1 million.
Craig Lieberman and his Apartment Investment Specialists team represented the seller, Hummingbird Street Ventures, in the deal. Villasana was represented by Darwin Gomez-Escudero, a real estate agent with Keller Williams’ Oxnard office. The sale price reflects a per-unit price of $162,140 and a gross rent multiplier of 12.2, according to Lieberman’s team.
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