Saturday, May 21, 2011

California Shopping Center Trades for $11.7 Million

GRANADA HILLS, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of 17020 Chatsworth St (above centered photo)., a three-tenant, 39,720-rentable square foot shopping center in Granada Hills.

The sales price of $11.74 million represents $296 per square foot.

Brandon Michaels, a vice president investments in the firm’s Encino office, represented the seller, an out-of-state owner.

“The seller came to us because of our expertise and proven ability to create a market for this product type,” says Michaels. “Our platform and marketing process created a substantial amount of activity that produced a unique buyer who was able to pay a significant price.

“The property provides the new owners with a stable, core asset in a strong marketplace,” continues Michaels. “Two of the three tenants, Walgreens and Staples, are publicly traded companies and the third tenant, El Pollo Loco, is a privately held company with 333 locations.”

Built in 1959, the property is located on 129,809 square feet at the signalized corner of Chatsworth Street and Balboa Boulevard. The shopping center is easily accessible from California State Route 118. Nearby retailers include Fosters Freeze, 7-Eleven, 99¢ Only and Subway.

 The Walgreens drugstore is 11 years into a 60-year lease term with the option to cancel in year 20 and at the end of every five years thereafter. Staples is in year 11 of a 15-year lease term with three-five year options to renew. El Pollo Loco is in year 11 of a 20-year ground lease.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716


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