Simi Valley, Calif. — Milan Capital Management has acquired the Smart & Final Center in Simi Valley, Calif., for $16.9 million — $170 per square foot Marcus & Millichap Real Estate Investment Services represented Milan Capital and the seller, who had owned the property for 45 years.
Marcus & Millichap Capital Corp. arranged an interim refinancing 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 closing with a new loan arranged by Milan Capital Management, providing leverage and construction money. The new owner anticipates undertaking a complete renovation including an expansion and extension of the anchor tenant’s lease.
Smart & Final, Tri-Counties Region Center, Theresa’s Country Feed, Pet and the Simi Valley Hospital anchor the 99,662-sq.-ft. center.