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

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.

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CBRE

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.

Contact:

Nadja Brandt
Corporate Communications, Pacific Southwest

+1 213 6133627