01/30/2023 | Press release | Distributed by Public on 01/30/2023 17:44
ORANGE COUNTY, Calif., Jan. 30, 2023 -JLL Capital Markets announced today that it has closed the $22.1 million sale of Griffin Plaza, a 85,022-square-foot, grocery- and drug-anchored retail center located in Simi Valley, California.
JLL marketed the property on behalf of the seller, Griffin Living. A private, 1031 exchange investor acquired the asset.
Built in 1981 and renovated in 2019, Griffin Plaza is 94% occupied and is anchored by Aldi and CVS, which account for 55% of the total GLA. Additional notable tenants include Wendy's and the recently developed Varenita Assisted Living Community (NAP) 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 over 118,769 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 over 53,800 vehicles on a daily basis.
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.
"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," said Tyner.
"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 said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.