A Simi Valley shopping center with many independent, long-time tenants has changed hands for $7.1 million, according to Investment Real Estate Associates, an Encino investment advisory firm.
Plaza Los Angeles LLC bought the two-parcel shopping center at 1464 E. Los Angeles Ave. and 1902 Hubbard St. from Frank Mushmel of FM Enterprises Inc.
The portion of the center on East Los Angeles is 29,700 square feet, and was 95 percent occupied at the time of sale, with tenants such as the popular Egg House breakfast and lunch restaurant, said Yubin Tao, senior vice president of Investment Real Estate, who represented FM Enterprises. The Hubbard Street parcel, at 6,500 square feet, was 100 percent occupied. The two centers are divided by Hubbard Street.
“Most of the tenants – mom and pop businesses – have been there well over 20 years,” Tao said. “There’s been very little turnover. You just don’t see that anymore.”
Don Griffin with Landmark Realty negotiated on behalf of Plaza Los Angeles and said the buyer plans cosmetic improvements for the two properties, such as new signs, lighting, paint and stucco. He added that the newest tenant at the Los Angeles Avenue center is the national title lending business TitleMax, which signed a five-year lease for 4,150 square feet and recently opened its doors after a remodel.