IMT Capital Closes Massive Land Deal in Thousand Oaks

IMT Capital has acquired a 10-acre land site in Thousand Oaks, CA. While the sale price was not disclosed, the transaction is the largest land deal in Thousand Oaks since 2007 and the second largest land transaction ever. The deal is also the largest transaction of any kind in Thousand Oaks since 2016.

The land site is located at 339 Hampshire Road with accessibility to the 101 freeway and totals 439,956 square feet. IMT Capital plans to develop a mixed-use property on the site, including apartments and retail along with outdoor spaces that will be open to the public.

Brandon Michaels, senior managing director of investments in Marcus & Millichap’s Encino, California, office and Lonnie McDermott, first vice president investments, procured the buyer and the seller for the deal. According to Michaels, the deal signifies a pro-development strategy in the city that will catalyze growth.

The city has been embracing more development projects. In April last year, developer The Latigo Group secured $59 million to build the first multifamily community in the city since 2007 and the first mixed-use project ever in the market. The property is part of the Thousand Oaks Boulevard Specific Plan, which aims to guide development in creating a 3.5-mile, mixed-use destination between Duesenberg Drive and Moorpark Road. Through the project, the Latigo Group aims to address the area’s imbalance of housing supply and demand.

Located at 299 East Thousand Oaks Boulevard, the project is a four-story development on 3.2 acres of land and will feature 142 class-A apartment units, 9,820 square feet of ground-floor retail and 239 parking spaces. In addition, 11 of the units will be designated for affordable housing.