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10/09/17
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Inland Country Center, a 10.5k sf neighborhood retail center in Thousand Oaks, sold for $4.01 mil ($382/sf). The property, located at 3130-3188 East Thousand Oaks Blvd, was fully leased to 11 merchants at the time of the sale.
Cheri Blessing with Lee & Associates-LA North/Ventura represented the seller, Hentz & Associates, LLC, in the transaction. The buyer, Beer Town LLC, was repped by Pamela Scott with GPS Commercial Real Estate Services, Inc.
“This property had many features that retail buyers look for,” Blessing said. “It is located in the Thousand Oaks Boulevard Specific Plan, with easy freeway access and excellent visibility; it was fully leased and it offered a cap rate just above 5 percent.”
The Thousand Oaks Boulevard Specific Plan covers a three-mile corridor between Duesenberg Dr and Moorpark Rd. Thousand Oaks city officials designated the specific plan in order to promote the development of a pedestrian-friendly environment with mixed-use developments and streetscape improvements. The designation has generated a great deal of interest from real estate investors who anticipate that redevelopment will increase property values in the area.
Blessing also recently transacted the sale of another property within the Thousand Oaks Specific Plan. She represented the seller, a private trust, of a 7.4k sf retail building at 620 E. Thousand Oaks Blvd for $1.865 mil.
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