CBRE’s Philip D. Voorhees and NRIG-West Team Complete Sale of High Quality Retail Center in Newbury Park (Thousand Oaks), CA

The Terrace Sells for $15.26 Million

NEWBURY PARK, CALIF. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees and Jimmy Slusher announced today that the National Retail Investment Group – West (NRIG-West) team completed the sale of The Terrace, a two-level, 39,634-square-foot shopping center with structured parking in the city of Newbury Park, Calif. Leased to a complementary mix of 12 restaurant, retail and athletic-focused uses, tenants at The Terrace include: Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports, Bottle and Pint, and others. The sale price was $15.26 million, representing a 6.59% cap rate, and a purchase price of $385 per square feet. The property was approximately 100% occupied at the time of sale.

CBRE’s retail investment experts Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow represented the seller, a Los Angeles-based private investor. The buyer, a private investor partnership based in Los Angeles, Calif., purchased the property with funds from a refinance on a long-held multi-family property in the nearby San Fernando Valley.

The Terrace, built in 2006, is located in the heart of Newbury Park, a township in the city limits of Thousand Oaks. Situated along the 101 freeway, the property comprised of a 39,634-square-foot retail strip center on 3.62 acres.

More..

SHARE
CBRE

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

Contact:

Robert W. McGrath
Senior Director, Corporate Communications

+1 212 9846515
+1 800 7996523 FREE

Previous articleBASS APPLAUDS SOUTH LA PROMISE ZONE DESIGNATION
Next articleKTGY Architecture + Planning Unveils Design for Retailer Expansion at SouthBay Pavilion