January 9, 2017
CBRE Group, Inc. completed the $28.3 million sale of Oak Park Shopping Center in Thousand Oaks, CA to an unnamed private local investor. The 74,300-square-foot property sold at approximately $380-per-square-foot.
The 98%-occupied center is shadow-anchored by CVS Pharmacy and includes such tenants as UPS, Goodwill, a national coffee chain and other daily-needs retailers.
CBRE’s Alex Kozakov, Patrick Wade, along with local market experts, Larry Tanji and Scott Siegel, represented the seller, New Oak Park, LLC. The buyer was represented by Paley Commercial Real Estate Inc.
Kozakov says, “This is one of the largest retail centers developed in the Oak Park area, with an established and loyal customer base. 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.”
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