Newmark Pacific completed the $45.5-million sale of Conejo Valley Plaza, a 127,032-square-foot grocery-anchored shopping center located in Thousand Oaks. Gerrity Group, LLC acquired the property. Newmark Pacific vice chairman Pete Bethea and senior managing directors Rob Ippolito and Glenn Rudy represented the seller, Conejo Valley Plaza 1, LLC and Conejo Valley Plaza 2, LLC.
Anchored by Ralphs and Bank of America and shadow-anchored by Marshalls, HomeGoods, CVS and several daily-needs retailers, Conejo Valley Plaza benefits from high visibility along North Moorpark Road and East Janss Road. Additional value-add potential exists through lease-up of a prominent former JoAnn’s space.
“This transaction is a testament to the enduring investor demand for well-located, necessity-driven retail assets,” said Rudy. “This portion of Conejo Valley Plaza combines a stable rent roll with category-leading tenants and a unique value-add opportunity in re-tenanting the former JoAnn’s facility, making it an attractive investment opportunity in today’s market.”
Photo courtesy of Radius Commercial Real Estate.
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