Simi Valley retail center sold

Big-name tenants occupy space

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....