Archway Capital announced it has provided a $22.8 million loan for the acquisition of Simi Valley Town Center. Built in 2005 and situated on 42 acres, the 593,827-square-foot retail center is located at 1403–1685 Simi Town Center Way in Simi Valley, Calif.
“We are pleased to provide acquisition financing on this value-add asset on behalf of the experienced borrowers,” said Bobby Khorshidi, CEO at Archway Capital. “The new ownership has a strategic plan in place to reposition the center to lifestyle retail over the next 12 months.”
Simi Valley Town Center, which totals 450,000 square feet, includes tenants such as Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon, Corner Bakery and Starbucks. The property is located directly off Highway 118 and is within Ventura County, Calif., part of the greater Los Angeles market.
