A nearly 30-year-old property in Simi Valley recently traded hands for more than $3.9 million.
The Auto World Center, a fully-leased 18,875-square-foot multi-tenant retail center of automotive services, was bought by the Khajerian Family Trust in all-cash deal, according to a release from the Westlake Village office of real estate firm NAI Capital.
The seller of the three-building property, Pick Family Trust, plans to reinvest the proceeds from the sale into an asset closer to its headquarters in Beverly Hills.
“We found an all-cash buyer who was in an exchange, and was able to reach their closing parameters, with both price and timing while accommodating seller exchange equity and timing elements concurrently,” said Ken Simons, a broker with NAI’s Westlake office. Simons represented both parties in the deal.
Auto World Center, located on 2170-2190 First St., was developed in 1986. The property has 75 parking spaces and two loading zones and sits just south of the 118 Freeway.