|
|
1/31/23
|
Griffin Plaza, an 85k sf, grocery- and drug-anchored retail center located in Simi Valley, was acquired for $22.1 mil, or $260/sf, by a private 1031 exchange investor. The property was sold by Griffin Living.
Built in 1981 and renovated in 2019, Griffin Plaza is 94% occupied and is anchored by Aldi and CVS, which account for 55% of the total GLA. Additional notable tenants include Wendy’s and the recently developed Varenita Assisted Living Community (NAP) that is located within Griffin Plaza and includes 102 total units, boosting traffic to the property.
Situated at 3885-3977 Cochran St, the property benefits from a $125k average household income and over 118,769 residents within a five-mile radius. Its ideal location on Cochran St and Tapo Canyon Rd, one of the main thoroughfares in Simi Valley, exposes the property to over 53,800 vehicles on a daily basis.
Gleb Lvovich, Daniel Tyner and Geoff Tranchina with JLL Retail Capital Markets represented the seller in the deal.
“Griffin Plaza’s strong performance, future rent growth opportunities and quality location was highly attractive to investors. The sale exemplifies the continued activity we see from private 1031 exchange capital in the retail sector,” said Tyner.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
