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10/05/17
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A 7.4k sf retail property in Thousand Oaks fully occupied by Wells Fargo Bank sold for $5.8 mil ($784/sf). The buyer was a private investor from the San Francisco Bay Area who was completing a 1031 exchange.
Situated on just under one acre of land at 140 E. Thousand Oaks Blvd, the property is located at the southeast signalized corner of Thousand Oaks Blvd and Baker Ave. It is also in the heart of a strong regional corridor just off the 101 Fwy that includes nearby retail brands such as Tilly’s, Jamba Juice, Outback Steakhouse and CVS/Pharmacy, among others.
Kyle Gulock, Matt Kramer and Brian Jensen of Charles Dunn Company’s Bank Property Group represented the seller, a private Southern California-based investor who had owned the property for three generations. The buyer was repped by Colliers International. The transaction closed at a 4.75% cap rate.
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