- May 30, 2013
-- KW Commercial teams Total Realty Group and MW Real Estate Group recently announced the launch of a for sale listing on The Terrace, a significant Thousand Oaks area, Ventura County shopping center. The Terrace is a freeway oriented neighborhood center with excellent visibility and easy access from the Ventura 101 Freeway that offers a stable 7.4% cap rate. 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 Terrace is situated in a prime location with heavy traffic between the Ventu Park and Rancho Conejo/Borchard exits on the Ventura 101 Freeway, which carries in excess of 300,000 cars on average per day. An unincorporated area located in the eastern portion of Ventura County and the western portion of the Conejo Valley, a large majority of Newbury Park lies within the city limits of Thousand Oaks, whose economy is based on a small range of businesses, with biotechnology, electronics, automotive, aerospace, telecommunications, healthcare, and financing occupying most of Thousand Oaks' employment sector. Newbury Park has had an increasing population due to the presence of biotechnology firms and technology corporations in the area such as Amgen, Baxter and several other tech firms. “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 an extremely high barrier to development and excellent consumer base with ample purchasing power,” Wolf Baschung further explains. “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 and multifamily brokerage team with the Keller Williams Downtown Los Angeles office. MW Real Estate Group (www.mwrealtyla.com)
is a full service investment property management and brokerage firm. Beginning in 2011, MW allied its commercial real estate
operations with KW Commercial Los Feliz/Downtown LA.