Griffin Plaza. Picture courtesy of JLL Capital Markets
Griffin Dwelling has offered Griffin Plaza, an 85,022-square-foot, grocery- and pharmacy-anchored retail middle within the Los Angeles suburb of Simi Valley, Calif. JLL Capital Markets brokered the $22.1 million transaction on behalf of the vendor. A personal investor acquired the asset via a 1031 trade.
In-built 1981 and renovated in 2019, the 94 % leased procuring middle is anchored by an Aldi grocery store and a CVS Pharmacy, which symbolize 55 % of the property’s gross leasable space. Wendy’s and a just lately developed 102-unit Varenita Assisted Dwelling Neighborhood are among the many different tenants on the property.
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Located at 3885-3977 Cochran St., Griffin Plaza supplies connectivity to Cochran Road and Tapo Canyon Street, a serious thoroughfare within the metropolis. The property is uncovered to a every day site visitors of 53,800 autos, serving a inhabitants of 118,769 residents inside a 5-mile radius. Simi Valley’s downtown space is lower than 5 miles from the asset.
JLL Capital Markets Managing Administrators Gleb Lvovich and Geoff Tranchina, together with Senior Director Daniel Tyner, acted on behalf of the vendor.
Dynamic 1031 trade transaction exercise in California
In a ready assertion, Tyner stated that the Griffin Plaza sale is an instance of the dynamic 1031 trade gross sales exercise within the area’s retail sector. Lvovich added that belongings with grocery and pharmacy anchors in prime places proceed to see sturdy demand because of their long-term potential for lease progress.
Earlier this month, Lvovich was concerned in one other 1031 trade sale in Menifee, Calif. A personal investor acquired Heart Pointe, a 41,461-square-foot, grocery-anchored retail middle, for $24.6 million.
A current Cushman & Wakefield report confirmed that the retail actual property market remained sturdy within the fourth quarter of 2022, with sturdy demand lowering procuring middle emptiness to historic lows. As of the tip of final 12 months, nationwide emptiness clocked in at 5.7 %. The identical supply reveals that web absorption elevated to 10.9 million sq. ft within the fourth quarter of final 12 months, surpassing the 9.4 million-square-foot common of the earlier two quarters. In Los Angeles, web absorption totaled virtually 73,000 sq. ft within the final quarter of 2022, whereas emptiness stood at 5.7 %.
