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1/06/17
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An unnamed private local investor has acquired Oak Park Shopping Center, a 74.3k sf retail center in Oak Park, for $28.3 mil ($380/sf). The property, located at 604-664 Lindero Canyon Rd, at the intersection with Kanan Rd in Ventura County, was sold by New Oak Park LLC.
The center, shadow-anchored by CVS Pharmacy, is currently 98 percent occupied. Tenants include UPS, Goodwill, a national coffee chain and other daily-needs retailers.
CBRE’s Alex Kozakov, Patrick Wade, along with CBRE local market experts Larry Tanji and Scott Siegel, represented the seller in the deal. The buyer was repped by Paley Commercial Real Estate Inc.
“This is one of the largest retail centers developed in the Oak Park area with an established and loyal customer base,” said Kozakov. “The sale presented its challenges, as the CVS parcel was not a part of the sale. However, The Oak Park Shopping Center provides daily-use retailers that have proven to be irreplaceable and fairly immune from e-commerce competition.”
The Greater Los Angeles retail market remained one of the most active in the country through the end of last year, buoyed by strong tourism paired with a diverse and well-compensated employment base, according to CBRE research. Los Angeles retail showed very few signs of recess with its enticing quality to attract retail tenants.
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