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April 22, 2024
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Neighborhood Center in the Conejo Valley Trades for $18 Mil


Conejo Gateway, a 47.3k sf neighborhood retail center in the Conejo Valley, sold for $18 mil ($380/sf). The center is located at 701 Wendy Dr, just off the 101 Fwy in the Newbury Park area of Thousand Oaks.

The neighborhood center is 100% leased to a wide range of national and regional daily needs credit tenants including Dollar Tree, O’Reilly Auto Parts, Taco Bell and Anytime Fitness. The buyer plans to expand the property and has several options that include a grocery store and day care tenants interested in the expansion area.

JLL’s Tom Lagos and Patrick Toomey represented the seller, WENDY-VETO LLC. The buyer, DH Holdings Inc, represented itself.

"As the retail industry evolves, we continue to see investor interest for well-located properties with strong demographics,” said Toomey. “Conejo Gateway was the perfect opportunity for an investor to acquire a center occupied primarily with daily needs tenants in an affluent neighborhood.”

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