Troubled Simi Valley Town Center sold once again
The long-struggling Simi Town Center has been sold for $38 million, the latest time it has switched hands since opening in 2005.
Archway Capital announced Oct. 16 that it provided a $22.8-million loan to help acquire the 593,827-square-foot open-air shopping mall in Simi Valley.
The new owners are SteelWave, a San Mateo-based commercial real estate developer, and SteerPoint Capital, headquartered in Los Angeles, Simi Valley officials said.
While Archway did not disclose what the actual sale price was, knowledgeable sources told the Business Times it was about $38 million.
Archway Capital said the new owners have a “strategic plan in place to reposition the center to lifestyle retail over the next 12 months.”
Previous owners of the underperforming mall have included Bayside SVTC, which bought it in 2019 with plans to redevelop it, and Chicago-based Walton Street Capital.
“We are pleased to provide acquisition financing on this value-add asset on behalf of the experienced borrowers,” said Bobby Khorshidi, CEO of Archway Capital.
The mall’s current tenant roster includes Marshalls, Ulta Beauty, Studio Movie Grill, Five Below, California Pizza Kitchen, Red Robin, Verizon, Corner Bakery and Starbucks.
