Office Depot Plaza in Thousand Oaks sells for $14M
Buyer plans to upgrade the shopping center
Agora Realty & Management has purchased a 33,700 square-foot shopping center in fire-ravaged Thousand Oaks for $14.4 million.
The property, located at 11-25 E. Hillcrest Drive in Ventura County, belonged to Randy J. Krause with Krause-Gusky Properties LLC, records show. The San Fernando Valley Business Journal first reported the deal, which closed last month.
The shopping center, which is called Office Depot Plaza, has five tenants anchored by Office Depot, and it’s 96 percent occupied. Other tenants include AT&T, Bank of the West, The Habit restaurant and Wescom Credit Union.
The shopping center, built in 1995, includes 19,700 square feet of retail space, more than 7,900 square feet of office space, and 4,750 square feet of storage space.
Cary Lefton, CEO for Agora Realty, said the firm is planning to upgrade the site.
Thousand Oaks was one of the cities forced to evacuate during the Woolsey Fire. Some three-quarters of its population was forced to flee. Homeowners recently filed lawsuits against Southern California Edison, claiming the fire was started by electrical equipment, which sent sparks behind the homes along Roadrunner Avenue in Thousand Oaks.
Some mixed-use projects are in the city’s pipeline, including one by The Latigo Group at 299 E. Thousand Oaks Boulevard, which will feature 152,000 square feet of residential space, and 11,000 square feet of commercial space.
Another project from DalyGroup Inc. will include 5,000 square feet of retail space and 36 apartments. [SFVBJ] — Gregory Cornfield