The shopping center, located on Lindero Canyon Road in Thousand Oaks, California, is approximately 74,300 square feet of gross leasable area and shadow-anchored by CVS Pharmacy. The property was sold at approximately $380 per square foot. The center is currently 98 percent occupied. Tenants include UPS, Goodwill, a national coffee chain and other daily-needs retailers.
“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. The Greater Los Angeles region is a prime market for flagship retail locations. As retailers continue to grow their online and brick and mortar presences, many retailers are focusing on locations in densely populated areas and smaller store design in neighboring markets.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.