Mall on the market: Simi Town Center owner looks to reduce its debt
With the Simi Valley Town Center on the market, investors have the chance to buy one of the region’s largest and newest shopping malls at a discount from its $166 million construction cost.
A real estate marketing firm announced in late June that the center was up for sale, just five years after it was completed.
The center is listed unpriced, which signals that a bidding war could take place, according to Bill Hagelis, president of The Hagelis Group in Ventura. His company is one of the most prominent retail property firms in the region, and recently negotiated the all-cash sale of the Target plaza in Oxnard, which was listed at $15.1 million. That center is 171,000 square feet — less than half the size of the portion of the Simi center that’s for sale.