Thousand Oaks Shopping Center Trades to Gerrity Group for $45.5M
Newmark Pacific has completed the $45.5 million sale of Conejo Valley Plaza, a 127,032-square-foot grocery-anchored shopping center in Thousand Oaks, California. The property was acquired by Gerrity Group, LLC. Serving as representatives for the seller — Conejo Valley Plaza 1, LLC and Conejo Valley Plaza 2, LLC — were Newmark Pacific’s Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy.
Conejo Valley Plaza features strong anchor tenants, including Ralphs and Bank of America, and is shadow-anchored by major national retailers such as Marshalls, HomeGoods, and CVS, along with a variety of convenience-based tenants. The plaza is strategically located at the intersection of North Moorpark Road and East Janss Road, providing high visibility and consistent foot traffic.
An added potential for value growth lies in the lease-up of a prominent former JoAnn’s space on the property.
“This transaction is a testament to the enduring investor demand for well-located, necessity-driven retail assets,” said Glenn 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.
