Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of Simi Valley Promenade, an 82,366-square-foot shopping center anchored by Smart & Final in Ventura County, California. The sale price was $19,550,000.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko, along with President Ed Hanley, represented the seller, Toibb Enterprises, Inc. of Woodland Hills, California. The buyer was a private investor based in Chino Hills, California, and was represented by Avi Narang at BRC Advisors based in Beverly Hills, California.
“We generated multiple competitive offers in a short period of time and procured a non-1031 exchange buyer through a company relationship in the initial days of marketing,” said Asher. “We negotiated an expedited due diligence period and closed escrow in 30 days. From the formal commencement of marketing the property for sale until close of escrow, the property was sold in 55 days and closed at 96% of the asking price.”
Asher continues, “Although institutional shopping center investors were mainly on the sidelines in Q4 2022, demand from the private investment sector remained strong and was evident based on the immediate activity and interest we received on Simi Valley Promenade. As we start the new year, we are still seeing demand from this buyer pool for similar high-quality assets.”
He added, “The buyer was attracted to the property’s location, affluent demographics and the shopping center’s complementary mix of tenants with a long-term historical occupancy, combined with newly signed leases and extensions, which further demonstrates the tenants’ commitment to the center well into the future.”
The property was built in 1981 and renovated in 1991 and 2002. Tenants at Simi Valley Promenade include Smart & Final, Goodwill, Del Taco, Denny’s, Baskin Robbins, Chi Chi’s Pizza and H&R Block. The shopping center was 92% occupied at the time of the sale.
Simi Valley Promenade is located on 6.32 acres at 5105-5197 E. Los Angeles Avenue at the hard corner, signalized intersection of E. Los Angeles Avenue and Stearns Street (33,000+ cars per day). The property is situated a half mile south of Ronald Reagan (118) Freeway with 142,000 cars per day and is easily accessible from Stearns Street.
Simi Valley Promenade benefits from dense, affluent demographics, 119,180 people with an average household income of $133,000 within a five-mile radius.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $9.77 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.