Brokerage CBRE Group Inc. announced today the sale of a Simi Valley shopping center for nearly $16 million.
Woodlands Plaza, a 61,373-square-foot retail center, changed hands for $15.9 million. The property, located at 530-660 East Los Angeles Ave., was sold to DP Grand Simi LLC by B/C Sinaloa Plaza LLC.
The 6.7-acre property is located at the intersection of East Los Angeles Avenue and Sinaloa Road. It was 81 percent occupied at the time of sale, anchored by a Vons grocery store while it was on the market, but Bellingham, Wash.-based Haggen Food & Pharmacy took over that store location while the center was in escrow.
Haggen, which filed for Chapter 11 bankruptcy in September, subsequently closed the store before the sale transaction was completed. The anchor location remains vacant.
CBRE brokers Alex Kozakov, Patrick Wade and Maxx Cohen, who represented the seller, were able to save the sale by negotiating a commercial mortgage-backed securities loan assumption for the seller, the brokerage said.
“Woodlands Plaza offers strong initial returns plus significant upside through lease up,” Kozakov said in a prepared statement.
Additional tenants at the shopping center include Fantastic Sam’s, Goodwill Industries, H&R Block and Subway.
Peter Cohen, of Cardinal Equities LLC in Beverly Hills, represented the buyer.