Grocery- and drug-anchored retail center in greater Los Angeles sells for $22m
Griffin Living has sold Griffin Plaza, an 85,022-square-foot grocery- and drug-anchored retail center located in Simi Valley, Calif., third largest of Ventura County's 10 cities.
A private, 1031 exchange investor acquired the asset for $22.1 million.
Built in 1981 and renovated in 2019, Griffin Plaza is 94 percent occupied and is anchored by Aldi and CVS, which account for 55 percent of the total gross leasable area). Additional notable tenants include Wendy’s and the recently developed Varenita Assisted Living Community 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 $125,000 average household income and nearly 119,000 residents within a five-mile radius. Its ideal location on Cochran Street and Tapo Canyon Road, one of the main thoroughfares in Simi Valley, exposes the property to more than 53,800 vehicles on a daily basis.