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Wednesday, Feb 28, 2024

Upgrade Boosts Price for Simi Shopping Center

Calabasas commercial real estate brokerage Marcus & Millichap Inc. has negotiated the $10 million sale of Shops at Target Center in Simi Valley after it was revamped, according to the brokerage. Scheu Development Co. of Simi Valley bought the center for $10.15 million from David & Nilou Norouzi, according to real estate database provider CoStar Realty Information Inc. The 22,800-square-foot center at 2931 to 2941 Cochran St. includes two properties, 12 tenants and abuts a Target store. A Trader Joe’s and a Burger King are across the parking lot but are on separate parcels. The center was last sold in 2014 for $5.12 million, according to CoStar. The retail parcels were distressed and undervalued at the time of the sale and have since been improved, said Aria Pournazarian of Marcus & Millichap, who represented the seller with Mike Malick and Carol Song.

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