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3/04/20
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Chesser Group Inc paid $20 mil for The Village at Moorpark, a 129.4k sf ($155/sf) community shopping center. The property, located at 706 West Los Angeles Ave in the Ventura County city of Moorpark, was sold by London Reo Retail-CA LLC.
Built in 2007 and situated on 11.52 acres, the center is 76.3% occupied by a number of well-recognized retailers including Petco, Dick’s Sporting Goods, Verizon, Bank of America, and Leslie’s Pool Supply, among others.
The Village at Moorpark is located at the signalized intersection of W. Los Angeles Ave and Miller Pkwy. It also offers direct access to Hwy 23, the Simi Valley Freeway. Moorpark is located in the southeastern part of Ventura County, 50 miles northwest of downtown Los Angeles.
Chris Maling and David Maling with Avison Young represented the seller in the transaction. Commenting on the deal, Chris Maling noted that the asset offered the buyer an opportunity for immediate upside by filling the vacancy through the implementation of a leasing strategy aimed at attracting daily needs/service-oriented tenants.
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