Grocery shadow-anchored strip center in Los Angeles area sells for $8M
JLL Capital Markets closed the sale of the 23,598-square-foot shopping center located adjacent to a regionally dominant Whole Foods in Thousand Oaks, California
Irvine, CA, Sept. 13, 2023 – JLL Capital Markets announced today that it has closed the $8 million sale of a 23,598-square-foot retail center located in Thousand Oaks, California adjacent to a well-performing Whole Foods (NAP).
JLL represented the private seller, and procured the buyer, Black Lion Investment Group.
Built in 1979, the property is currently 57% leased to a mix of food and service-based tenants, including VCA Animal Hospital, Fatburger, Tae Kwon Doe, Conejo Swimwear, Alex the Tailor, Wild Birds and Lavish Nails & Spa. The property is shadow anchored by a Whole Foods, which serves as the only Whole Foods in a 10-mile radius and attracts over 890,000 annual visits.
Situated at 692 N. Moorpark Rd., the property is located off of State Route 101 and is set directly across from the regionally dominant Janss Marketplace, the #1 ranked lifestyle center within a 15-mile radius. Average household income within a five-mile radius is $157,568, 95% higher than the California average of $80,440, and the population within a five-mile radius is 135,378, creating an ample supply of affluent customers.
The JLL Retail Capital Markets team was led by Senior Director Daniel Tyner, Managing Directors Geoff Tranchina and Gleb Lvovich.
“This property presented a unique opportunity for a buyer to add value to a well-located, grocery-anchored retail center in a highly affluent market of Southern California. We are pleased to have worked alongside the seller who originally developed the property in 1979 and look forward to seeing the property continue to thrive with new ownership,” said Tyner.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Black Lion Investment Group
Black Lion is a premier commercial real estate investment and development firm specializing in re-positioning retail and mixed-use properties. Specializing in going above and beyond community member expectations in multiple industries, on a wide range of projects, sets Black Lion apart from the pack. Black Lions portfolio is a diverse spectrum of artistic pursuits: stunning concept restaurants, luxury rooftop bars, elevated dining and nightlife experiences, and family-forward shopping complexes.