08 Jun RENTV.com Features New TRG – MW Real Estate Group Listing
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| Ventura County Retail Center Listed for $14.6 Mil | |||
| 6/03/13 | |||
We’ve learned of an interesting retail listing from Ventura County, as The Terrace, a 39.8k sf retail center in Newbury Park, has come on the market. The center, located on two land parcels totaling 157.7k sf at 1714 Newbury Park Rd, with excellent visibility and easy access from the Ventura 101 Fwy, is currently 85% leased. The asking price is $14.6 mil.
The center includes a variety of diverse national restaurants and retailers such as Chili’s, Roadrunner Sports, Holdren’s Steak and Seafood, Spumoni’s Italian and Sumo Japanese restaurants. The center was strategically developed to include both a Marriott Towne Place Suites as well as a Courtyard Marriott. The Chili’s is a separately owned, 6k sf building on a ground-leased parcel, making the offering actually about 33.8k sf in size. “The Terrace provides a timely investment opportunity,” explains Wolf Baschung, CCIM, CPM, President of MW Real Estate Group and co-listing agent for the property with Steve Watson, President of Total Realty Group, and Michael Fukushima, CFO and Partner with Total Realty Group. “The center is strategically located in an area of Ventura County with extremely high barriers to development and excellent consumer base with ample purchasing power,” Baschung adds. “All the leases are NNN, with a synergistic tenant mix. The property features a very nice multilevel layout. Best of all, just as we begin to see retail vacancies decreasing and retail rent growth finally taking root nationwide, the center provides a unique opportunity for realizing mark to market rental upside.” Total Realty Group is a Commercial brokerage team with the Keller Williams Downtown Los Angeles office. MW Real Estate Group is a full service investment property management and brokerage and firm. Beginning in 2011, MW allied its brokerage operations with KW Commercial Los Feliz/Downtown LA. |
