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June 24, 2024
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Merlone Geier Partners Buys 281k sf Retail Center in Simi Valley


Mountaingate Plaza, a 281.2k sf, value-add shopping center in Simi Valley was acquired by Merlone Geier Partners. The asset, anchored by Valley Marketplace, Rite Aid, 99 Cents Only and dd’s Discounts (Ross Stores), was sold by a joint venture between Investcorp International Realty, Inc. and ScanlanKemperBard (SKB).

Mountaingate Plaza comprises eight buildings and outparcel pads. Other tenants include Fitness 19 (opening fourth quarter 2018), Black Bear Diner, Smash Burger, El Pollo Loco, Jersey Mike’s Subs, Starbucks, U.S. Armed Forces and Ventura County Health Care Agency.

Situated on 24.78 acres at 1197-1301 East Los Angeles Ave and 2022-2090 First St, Mountaingate Plaza is located at one of the top intersections in Simi Valley; more than 66,000 cars pass the intersection of Los Angeles Avenue and First Street daily, and more than 77,000 residents earning an average annual household income of $135,000 live within a three-mile radius of the center.

Gleb Lvovich, Bryan Ley and Daniel Tyner with HFF represented the seller in the transaction. The price was not disclosed.

“Mountaingate Plaza is an example of the ideal type of retail center that investors want today with its daily needs drivers of grocery/drug/fitness and restaurant anchors,” Ley noted. “Those anchors make retail centers internet resistant and become the center people need to frequent multiple times a week for their shopping needs.”

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