Griffin Living has sold a 182,000-square-foot mixed-use shopping center in Simi Valley for $22.1 million.
The Westlake Village-based senior living developer sold Griffin Plaza at 3885-3977 Cochran Street, the San Fernando Valley Business Journal reported. The price works out to about $124 per square foot.
The undisclosed buyer picked up the Ventura County retail center and senior living community at Cochran Street and Tapo Canyon Road as part of a 1031 exchange federal tax break.
The 82,000-square-foot shopping center, built in 1981, was renovated in 2019 and is 94 percent leased. It’s anchored by an Aldi grocery and CVS drugstore, and includes a Wendy’s burger outlet.
A new 97,000-square-foot Varenita Assisted Living Community in the heart of Griffin Plaza contains 102 luxury units for seniors.
Brokers Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL represented the seller.
“Griffin Plaza’s strong performance, future rent growth opportunities and quality location was highly attractive to investors,” Tyner said in a statement. “The sale exemplifies the continued activity we see from private 1031 exchange capital in the retail sector.”
Griffin Living was founded in 2016 by Paul Griffin III, a fifth-generation home builder, and has offices in Atlanta and Naples, Florida, according to its website. His father Paul Griffin Jr., who founded major residential developer Griffin Homes, passed away in 2021.
— Dana Bartholomew
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