(For more retail coverage, click GlobeSt.com/RETAIL.)
SIMI VALLEY, CA-An exchange buyer based in Agoura Hills hasacquired a newly completed shopping center for $15.9 million in oneof two new retail deals totaling more than $27 million, accordingto Faris Lee and Grubb & Ellis. The second sale was aneighborhood center in Walnut.
Rich Walter, president of Irvine-based Faris Lee, says that thepre-sale of the Simi Valley property, the 24,466-sf Shops at SimiValley Town Center, marks more than $82 million in pre-sales ofretail centers that the firm has completed in the past year. Hesays the firm has lined up more than $100 million of new pre-saleprojects over the next six months.
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