Cabot Properties Inc. has acquired a 97,000-square-foot building in Simi Valley, it was announced on Monday.
Financial terms of the deal between Cabot, a private equity real estate investment firm in Boston, and the seller, Pacific Equity in Los Angeles, were not disclosed.
The building at 3850 Royal Ave. is half leased to Bellami Hair LLC, a distributor of hair products and beauty supplies. The vacant part of the building includes an area that will be remodeled or removed, including a 17,000-square-foot office mezzanine, said Colliers International Group Inc. Senior Vice President Patrick DuRoss.
“Cabot is planning on contributing significant capital towards demolishing the mezzanine, adding functional loading and upgrading the image of the building to accommodate the bulk of today’s tenant demand,” DuRoss said in a prepared statement.
DuRoss and colleagues from the Colliers office in Encino, Senior Executive Vice President John DeGrinis and Vice President Jeff Abraham, represented Cabot in the transaction.