Lee & Associates-LA North/Ventura Transacts Retail Center Sale for $4,010,000

Property attracts three offers less than 24 hours after it was listed

 THOUSAND OAKS, CA – Oct. 5, 2017— Inland Country Center, a neighborhood retail center in Thousand Oaks, CA, drew three offers less than 24 hours after it was listed and traded above list price, according to Cheri Blessing, an associate of Lee & Associates-LA North/Ventura who represented the seller, Hentz & Associates, LLC, in the transaction.

The center, which totals 10,536 square feet and was fully leased to eleven merchants at the time of the sale, sold for $4,010,000 to Beer Town LLC. It is located at 3130-3188 East Thousand Oaks Blvd.

The buyer was represented by Pamela Scott with GPS Commercial Real Estate Services, Inc.

“This property had many features that retail buyers look for,” Blessing said. “It is located in the Thousand Oaks Boulevard Specific Plan, with easy freeway access and excellent visibility; it was fully leased and it offered a cap rate just above 5 percent.”

The Thousand Oaks Boulevard Specific Plan covers a 3-mile corridor between Duesenberg Drive and Moorpark Road. Thousand Oaks city officials designated the specific plan in order to promote the development of a pedestrian-friendly environment with mixed-use developments and streetscape improvements. The designation has generated a great deal of interest from real estate investors who anticipate that redevelopment will increase property values in the area.

Blessing also recently transacted the sale of another property within the Thousand Oaks Specific Plan. She represented the seller, a private trust, of a 7,400-square-foot retail building at 620 E. Thousand Oaks Blvd. for $1,865,000.