A 12.8-acre mixed-use development site in Ventura County has sold to Province Group for $18.5 million.
The Simi Valley property at 3039-3041 Cochran St., formerly the Farmers Insurance headquarters and totaling 271,000 square feet, is centrally located near the 118 freeway.
Gary Stache, Melinda Russell, Mark Shaffer and Matthew Heyn of CBRE Group represented the buyer, a Newport Beach-based real estate development company, in the transaction. The CBRE team also represented the seller, John Mitchell of LNR Partners.
“Given this was a rare opportunity, the transaction closed following a fiercely competitive bidding process with multiple offers,” CBRE’s Stache said in a statement. “Most of our transactions have involved multiple offers in a competitive bidding environment. This indicates the continuous strong demand from investors across this region for strategically located real estate opportunities.”
Added Shaffer: “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. 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.”