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6/08/16
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An LA-based private investor paid $15.26 mil for The Terrace, a two-level, 39.6k sf ($385/sf) shopping center with structured parking in the Conejo Valley city of Newbury Park. Built in 2006, the property sits on 3.62 acres at 1714 Newbury Rd, alongside the 101 Fwy.
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 property was fully occupied at the time of sale.
Philip D. Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow with CBRE’s National Retail Investment Group – West team represented the seller in the transaction. The buyer purchased the property with funds from a refinance on a long-held multi-family property in the nearby San Fernando Valley.
“In addition to quality construction, the purchaser was attracted to the long-term viability of the retail based on the surrounding 388 hotel rooms amongst three different flags within walking distance along Newbury Road and the direct Highway 101 visibility to 145,000 cars per day,” said Slusher.
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