REIT Sells Simi Valley Office Campus for $25 Million

Griffin Capital Essential Asset REIT announced that it has sold a 273,241-square-foot Simi Valley office campus to an undisclosed investor for $24.5 million. Located at 1800 Tapo Canyon Road, the property counts a Bank of America branch as the single tenant at its 18-acre site. The class C structure was completed in 1981. The transaction represents something of a loss for Griffin Capital, which had originally purchased the property in 2015 for $28.6 million, according to data found at the commercial realty website Reonomy. A recent comparable deal was February’s sale of 31303 Agoura Road in Agoura Hills, a 1969-built, 253,720-square-foot office structure, for $69 million.