SANTA FE SPRINGS PROMENADE SELLS FOR $23M

SANTA FE SPRINGS, CALIF. – A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to “parcelize” the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.