Wolf Baschung, CCIM, CPM

SOLD: 39,774-square-foot retail shopping center sells for $13,500,000 in Los Angeles, Calif.

(07/2014) Newbury Park, Calif. – Michael Fukushima, Steve Watson and Wolf Baschung, CCIM, CPM of KW Commercial, represented the buyer and seller in the successful execution of the Thousand Oaks Neighborhood Center located 1714 Newbury Road, Newbury Park., Calif., for $13,500,000. The complex transaction involved an exchange buyer, partnership buy-out, tenant in common structure and note modification.

The 39,774 square-foot retail shopping center is a freeway-oriented neighborhood center with excellent visibility and easy access from the Ventura 101 Freeway that offers a stable 6.9 percent cap rate with an 8.1 percent pro forma cap rate. The center includes a variety of diverse national restaurants and retailers such as Chili's, Roadrunner Sports, Holdren's Steak and Seafood, Spumoni's Italian and Sumo Japanese restaurants. The center was strategically developed to include both a Marriott Towne Place Suites as well as a Courtyard Marriott.

The Terrace is situated in a prime location with heavy traffic between the Ventu Park and Rancho Conejo/Borchard exits on the Ventura 101 Freeway, which carries in excess of 300,000 cars on average per day. An unincorporated area located in the eastern portion of Ventura County and the western portion of the Conejo Valley, a large majority of Newbury Park lies within the city limits of Thousand Oaks, whose economy is based on a small range of businesses, with biotechnology, electronics, automotive, aerospace, telecommunications, healthcare and financing occupying most of Thousand Oaks' employment sector. Newbury Park is home to an excellent consumer base, with an average household Income in excess of $100,000. Newbury Park has had an increasing population due to the presence of biotechnology firms and technology corporations in the area such as Amgen, Baxter and several other tech firms.