{"id":1004642675,"date":"2023-02-01T01:43:58","date_gmt":"2023-02-01T09:43:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004642675"},"modified":"2023-02-01T06:55:46","modified_gmt":"2023-02-01T14:55:46","slug":"greater-los-angeles-retail-asset-trades-in-1031-exchange","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greater-los-angeles-retail-asset-trades-in-1031-exchange\/","title":{"rendered":"Los Angeles-Area Retail Asset Trades in 1031 Exchange"},"content":{"rendered":"
\"Grocery-<\/a>

Griffin Plaza. Image courtesy of JLL Capital Markets<\/p><\/div>\n

Griffin Living <\/strong>has sold Griffin Plaza, an 85,022-square-foot, grocery- and pharmacy-anchored retail center in the Los Angeles suburb of Simi Valley, Calif. JLL Capital Markets<\/strong> brokered the $22.1 million transaction on behalf of the seller. A private investor acquired the asset through a 1031 exchange<\/a>.<\/p>\n

Built in 1981 and renovated in 2019, the 94 percent leased shopping center is anchored by an Aldi supermarket and a CVS Pharmacy, which represent 55 percent of the property\u2019s gross leasable area. Wendy\u2019s and a recently developed 102-unit Varenita Assisted Living Community are among the other tenants at the property.<\/p>\n

\n

READ ALSO:<\/strong> What Will Retail Look Like in 2023?<\/a><\/p>\n

\n

Situated at 3885-3977 Cochran St., Griffin Plaza provides connectivity to Cochran Street and Tapo Canyon Road, a major thoroughfare in the city. The property is exposed to a daily traffic of 53,800 vehicles, serving a population of 118,769 residents within a 5-mile radius. Simi Valley’s downtown area is less than 5 miles from the asset.<\/p>\n

JLL Capital Markets Managing Directors Gleb Lvovich and Geoff Tranchina, along with Senior Director Daniel Tyner, acted on behalf of the seller.<\/p>\n

Dynamic 1031 exchange transaction activity in California<\/h2>\n

In a prepared statement, Tyner said that the Griffin Plaza sale is an example of the dynamic 1031 exchange sales activity in the region’s retail sector. Lvovich added that assets with grocery and pharmacy anchors <\/a>in prime locations continue to see strong demand due to their long-term potential for rent growth.<\/p>\n

Earlier this month, Lvovich was involved in another 1031 exchange sale in Menifee, Calif. A private investor acquired Center Pointe<\/a>, a 41,461-square-foot, grocery-anchored retail center, for $24.6 million.<\/p>\n

A recent Cushman & Wakefield <\/strong>report showed that the retail real estate market remained robust in the fourth quarter of 2022, with strong demand reducing shopping center vacancy to historic lows. As of the end of last year, nationwide vacancy clocked in at 5.7 percent. The same source reveals that net absorption increased to 10.9 million square feet in the fourth quarter of last year, surpassing the 9.4 million-square-foot average of the previous two quarters. In Los Angeles, net absorption totaled almost 73,000 square feet in the last quarter of 2022, while vacancy stood at 5.7 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aldi and CVS Pharmacy anchor the 94 percent leased property. <\/p>\n","protected":false},"author":3030,"featured_media":1004642680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21749,15],"tags":[33536,36195,32799,35554,44006],"class_list":["post-1004642675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-retail","category-west","tag-1031-exchange","tag-aldi","tag-cushman-wakefield","tag-cvs-pharmacy","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nLos Angeles-Area Retail Asset Trades in 1031 Exchange - CPE<\/title>\n<meta name=\"description\" content=\"Griffin Living has sold Griffin Plaza, an 85,022-square-foot, grocery- and pharmacy-anchored retail center in Simi Valley, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/greater-los-angeles-retail-asset-trades-in-1031-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Los Angeles-Area Retail Asset Trades in 1031 Exchange\" \/>\n<meta property=\"og:description\" content=\"Griffin Living has sold Griffin Plaza, an 85,022-square-foot, grocery- and pharmacy-anchored retail center in Simi Valley, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/greater-los-angeles-retail-asset-trades-in-1031-exchange\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-01T09:43:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-01T14:55:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/01\/Griffin-Plaza.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/\"},\"author\":{\"name\":\"Raluca Toma\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1e908d9381f3929d1d57f95e4db8c529\"},\"headline\":\"Los Angeles-Area Retail Asset Trades in 1031 Exchange\",\"datePublished\":\"2023-02-01T09:43:58+00:00\",\"dateModified\":\"2023-02-01T14:55:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/\"},\"wordCount\":371,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/01\\\/Griffin-Plaza.png\",\"keywords\":[\"1031 Exchange\",\"Aldi\",\"Cushman & Wakefield\",\"CVS Pharmacy\",\"JLL Capital Markets\"],\"articleSection\":[\"Investment\",\"Los Angeles\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/greater-los-angeles-retail-asset-trades-in-1031-exchange\\\/\",\"name\":\"Los Angeles-Area Retail Asset Trades in 1031 Exchange - 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