SIMI VALLEY, CA --
Despite a reported shortage of shopping center and small office properties available in
Simi Valley, CA, Santa Barbara investors have acquired "Cedar Plaza", a
mixed use community center in Simi Valley for $3.4 million, announces Westcord Commercial
Real Estate Services.
FCP Company acquired
the 28,500 sq. ft. retail and office property located on 3.2 acres of land at 1720 E. Los
Angeles Ave. Jim Darin of Westcord represented Directors LLC of Westlake Village,
the sellers. Walt Matthews, Real Estate Broker, of Santa Barbara represented the
buyers.
Darin, who has been
selected to lease the "Cedar Plaza", said the new owners plan substantial
rehabilitation of the center which comprises a two-story building with some 14,000 sq. ft.
of office space over a comparable amount of retail space. Plans call for modernizing
the entire building, including introducing new fascia, stucco, and common areas. The
center provides four per 1000 parking.
Darin said the project is 90 percent occupied, with Baskin-Robbins serving as a key
tenant. Approximately 2500 sq. ft., representing a combination of retail and office
space, remains available. "Shopping center space for investment or lease is a rarity
in the Simi Valley market, as is small office space. This buyer secured a potential
gem, particularly with its announced intent to rehab the property," said Darin.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA |
