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1/10/23
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Simi Valley Promenade, an 82.4k sf shopping center anchored by Smart & Final in Simi Valley, sold for $19.55 mil, or $237/sf. The property was built in 1981 and renovated in 1991 and 2002.
Tenants at Simi Valley Promenade include Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block. The shopping center was 92% occupied at the time of the sale.
Simi Valley Promenade is located on 6.32 acres at 5105-5197 E. Los Angeles Ave at the hard corner, signalized intersection of E. Los Angeles Ave and Stearns St (33,000+ cars per day) in eastern Ventura County. The property is situated a half mile south of the 118 Fwy with 142,000 cars per day and is easily accessible from Stearns Street. Simi Valley Promenade benefits from dense, affluent demographics, 119,180 people with an average household income of $133,000 within a five-mile radius.
Bill Asher, Jeff Lefko and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, Toibb Enterprises Inc of nearby Woodland Hills. The buyer, a private investor based in Chino Hills, was repped by by Avi Narang at BRC Advisors based in Beverly Hills.
“We generated multiple competitive offers in a short period of time and procured a non-1031 exchange buyer through a company relationship in the initial days of marketing,” said Asher. “We negotiated an expedited due diligence period and closed escrow in 30 days. From the formal commencement of marketing the property for sale until close of escrow, the property was sold in 55 days and closed at 96% of the asking price.”
Asher continues, “Although institutional shopping center investors were mainly on the sidelines in Q4 2022, demand from the private investment sector remained strong and was evident based on the immediate activity and interest we received on Simi Valley Promenade. As we start the new year, we are still seeing demand from this buyer pool for similar high-quality assets.”
He added, “The buyer was attracted to the property’s location, affluent demographics and the shopping center’s complementary mix of tenants with a long-term historical occupancy, combined with newly signed leases and extensions, which further demonstrates the tenants’ commitment to the center well into the future.”
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