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.”
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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