Los Angeles-Area Retail Center Sells for $18M
- Aug 09, 2019
DH Holdings has purchased Conejo Gateway, a 47,254-square-foot neighborhood retail center in Thousand Oaks, Calif., for $18 million. JLL’s Capital Markets team arranged the sale on behalf of the seller, Wendy-Veto LLC, while the buyer was self-represented in the deal.
Situated at 701 Wendy Drive in the Newbury Park area of Thousand Oaks, the retail building is just off Freeway 101 and is within one mile of residential communities with an average household income of more than $125,440. The building is fully leased to tenants such as Dollar Tree, O’Reilly Auto Parts, Taco Bell and Anytime Fitness.
Additionally, the buyer plans to expand the retail center with a grocery store and a daycare. In the era of the transforming retail sector, grocery-anchored shopping centers can provide the most value and the healthiest fundamentals to help the industry survive.
JLL’s Capital Markets team included Executive Vice Presidents Tom Lagos and Patrick Toomey.