SIMA Corporation Places Carmel Retail Asset up for Sale with $25MM Asking Price

Carmel, Santa Barbara, SIMA Corporation, Barn Yard Shopping Village, Radius Commercial Real Estate
Image courtesy of Barn Yard Shopping Village

By Jon Peterson

Santa Barbara-based SIMA Corporation has chosen to offer up for sale the 89,861 square foot Barn Yard Shopping Village in Carmel located at 26400 Carmel Rancho Lane. The asking price on the sale is $24.9 million, or $277 per square foot, as stated in the property’s offering document.

The seller is working on the sale with its listing agent, Radius Commercial Real Estate. Those working on the transaction include Gene Deering, a principal with the firm, Bob Tuler, principal and founder of the company, Paul Gamberdella, principal, and Justin Diem, an associate agent. The entire team works out of the company’s office in Santa Barbara.

If the sales price does indeed come in at the asking price, it would produce a cap rate of approximately 4.3 percent, according to the shopping center’s offering document. This return would be based on the property’s net operating income as of September 2022.

The current ownership of the property has invested $1.35 million of additional capital into the asset for various building improvements over the past five years. Some of this work is still ongoing.

The asset as it stands now has no vacancies. There are a total of 51 tenants in the property, which includes 10 different buildings on 3.4 acres. The property is a four-story asset that was first developed in 1977. The list of retailers in the property now includes Patrick James, Carmel Valley Coffee, Confetti Kids and Twig and Petals.

There is also a parking operation at the shopping center, which includes a total of 672 spaces. One portion of the parking lot includes 87 spaces, which are located on-site. The remaining 585 spaces are shared with other nearby properties. The Barn Yard is located adjacent to CA Highway 1 and is not too far away from the amenities and activities in the Monterey Peninsula.

SIMA Corp. is known as a national investor in a variety of real estate properties. The company is active in a mixture of retail, residential, health club, hospitality and mixed-use assets. It holds a portfolio of 3.2 million square feet. The most significant part of the portfolio is the 1,900 apartment units that it owns.

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