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.