Faris Lee Investments brokered the sale of Mountaingate Plaza, a 287,004-square-foot retail center in Simi Valley, Calif. The value of the transaction was $39.6 million. The seller was Los Angeles-based RP Properties, and the buyer was Portland, Ore.-based SKB, an investment company. Mountaingate Plaza, located on the northeast corner of Los Angeles Avenue and First Street, was built in 1976 and renovated in 2003/2004. The retail center was 92 percent occupied at the time of the sale, excluding the previously occupied Edwards Theatre space, with a partial list of tenants that include Rite Aid, Big 5 Sporting Goods, Starbucks, Bally Total Fitness and Valley Produce. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. *** Wha...
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