Los Angeles – CBRE announced that a building occupied by Best Buy in Simi Valley, Calif. sold to a private investor for $5.75 million.
Alex Kozakov, Pat Wade, Geoff Martin and Ryan Burnett of CBRE represented the seller, local Native American tribe Pala Band of Mission Indians, in the transaction.
Located at 1173 Simi Town Center Way, the 30,260 square-foot building has been occupied by Best Buy since 2005. The property features 151 parking spaces and is adjacent to SR 118, a major freeway that connects Simi Valley to the rest of Los Angeles. Best Buy recently signed a five-year lease extension into 2026.
“Best Buy stores have continued to perform well during the pandemic,” said Kozakov. “We received multiple offers due to the strong credit tenant, attractive yield and location.”
The CBRE team also represented the buyer in the transaction. The buyer was able to secure debt from East-West Bank to facilitate the purchase.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
