The Terrace Sells for $15.26 Million
NEWBURY PARK, CALIF. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees and Jimmy Slusher announced today that the National Retail Investment Group – West (NRIG-West) team completed the sale of The Terrace, a two-level, 39,634-square-foot shopping center with structured parking in the city of Newbury Park, Calif. Leased to a complementary mix of 12 restaurant, retail and athletic-focused uses, tenants at The Terrace include: Orangetheory Fitness, Hot Yoga 1000, Road Runner Sports, Bottle and Pint, and others. The sale price was $15.26 million, representing a 6.59% cap rate, and a purchase price of $385 per square feet. The property was approximately 100% occupied at the time of sale.
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CBRE’s retail investment experts Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow represented the seller, a Los Angeles-based private investor. The buyer, a private investor partnership based in Los Angeles, Calif., purchased the property with funds from a refinance on a long-held multi-family property in the nearby San Fernando Valley.
“The Terrace is the quintessential SoCal strip center investment property,” said Voorhees. “We love strip centers. Its dynamic tenant lineup caters to the needs of this affluent, progressive trade area. High performing regional tenants like Orangetheory Fitness and Road Runner Sports complement local favorites like Holdrens and Bottle and Pint.”
The Terrace, built in 2006, is located in the heart of Newbury Park, a township in the city limits of Thousand Oaks. Situated along the 101 freeway, the property comprised of a 39,634-square-foot retail strip center on 3.62 acres.
“In addition to quality construction, the purchaser was attracted to the long-term viability of the retail based on the surrounding 388 hotel rooms amongst three different flags within walking distance along Newbury Road and the direct Highway 101 visibility to 145,000 cars per day,” said Slusher.
According to Voorhees, the CBRE team’s marketing system distributed more than 627 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generating multiple offers to purchase the property.
In 2015, the NRIG-West team was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than four million square feet in size. With this closing, CBRE’s NRIG-West team has closed 187 transactions since the start of 2012 for a total consideration of $3.4 billion. In total, the NRIG-West team has listed and sold more than $9.4 billion in retail transactions. Select NRIG-West Team California listings include Crescent Plaza in Compton, Calif., listed for sale for $5,310,000; Redwood Gateway in Petaluma, Calif., listed for sale for $44,330,000; and Page Plaza in Hemet, Calif., offered for sale for $11,927,000. More information available at www.cbre.com/nrigwest
NRIG-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com
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 (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.