Griffin Plaza, a 85,022-square-foot grocery- and drug-anchored retail center in Simi Valley, has sold for $22.1 million.
Jones Lang LaSalle marketed the property on behalf of the seller, Griffin Living. The JLL Retail Capital Markets team representing the seller was led by Managing Director Gleb Lvovich, Senior Director Daniel Tyner and Managing Director Geoff Tranchina. A private investor acquired the asset in a 1031 exchange.
Built in 1981 and renovated in 2019, Griffin Plaza remains 94% occupied and anchored by Aldi and CVS. Additional notable tenants include Wendy’s and the recently developed Varenita Assisted Living Community, which includes 102 total units.
The property, located at 3885-3977 Cochran St., benefits from having more than 118,769 residents within a 5-mile radius. The area has a $125,000 average household income. Griffin Plaza’s 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, according to JLL data.
“Griffin Plaza’s strong performance, future rent growth opportunities and quality location was highly attractive to investors. The sale exemplifies the continued activity we see from private 1031 exchange capital in the retail sector,” Tyner said in a statement.
“We saw robust demand for Griffin Plaza due to its grocery and drug anchors, great location and long-term embedded value with a below-market anchor lease. We are pleased to close our second transaction with Griffin Living and help the company diversify their core business,” Lvovich added.
Griffin Living is a privately owned real estate development firm headquartered in Westlake Village, California, with offices in Atlanta and Naples, Florida. The firm was founded by Paul Griffin III, a fifth-generation home builder.