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Milan Capital buys Simi Valley shopping center


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.

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