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4/30/19
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A Newport Beach-based developer paid $18.5 mil for a 12.83-acre mixed-use development site in Simi Valley. The property, located at 3039-3041 Cochran St, was formerly occupied by Farmers Insurance headquarters and features vacant office buildings totaling 271k sf.
The site, situated near the 118 Fwy’s Sycamore exit off the 118 Fwy and within walking distance to Trader Joe’s and Target, has freeway visibility. The property will likely be transformed to combine multifamily and street-level retail.
Gary Stache, Melinda Russell, Mark Shaffer, and Matthew Heyn with CBRE represented the buyer and the seller, John Mitchell of LNR Partners LLC, in the transaction.
“The large size of this site and its strategic location made this a rare opportunity for an experienced developer to have a major impact on the local community,” said Shaffer. “This centrally located, highly visible, rare urban infill site is an opportunity to create a large-scale, planned mixed-use community in highly desirable Ventura County’s Simi Valley.”
Healthcare, technology and hospitality lead the job creation in Ventura County, according to CBRE research. Apartment vacancy has hit an all-time low, with little new housing having been developed over the past years in the county. These factors are expected to create increased demand for more apartments over the next five years, and should lead to increased rents.
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