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10/23/24
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San Mateo-based SteelWave and LA -based SteerPoint Capital recently closed on the purchase of Simi Valley Town Center, a 593.8k sf shopping center in Simi Valley. According to industry sources, the deal closed at about $38 mil, or $64/sf.
Built in 2005 and situated on just over 42 acres, the retail property is located at 1403-1685 Simi Town Center Way, about 40 miles northwest of downtown Los Angeles. The center includes such tenants as Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon, Corner Bakery, and Starbucks.
The purchase was financed with a non-recourse, 24-month loan bridge loan for $22.8 mil provided by Archway Capital. According to Bobby Khorshidi, CEO with Archway, the new ownership intends to reposition the center to lifestyle retail over the next 12 months.
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