Safai, who represented the buyer, says Maxxam bought the property in a 1031 exchange from another transaction in which Safai represented Maxxam. The transaction was completed while a Faris Lee team of Richard J. Walter and Donald J. MacLellan had a listing to market the property. The seller was Janss Marketplace LLC of Los Angeles, which had owned the center for a little under two years. The project was originally developed by the Janss family in 1960 as an 111,000-sf shopping center. The property was renovated and expanded by 345,000 sf during the years from 1995 through 1999. In the recent purchase, the buyer secured a $36 million, long-term fixed-rate loan from GMAC Commercial Mortgage.
The 450,000-sf retail center is situated on the northwest corner of Hillcrest Drive and Moorpark Road. The shopping center, which was 97% leased at the time of the sale, is filled with a host of brand-name tenants including Mervyns, Toys-R-Us, Marshalls, Linens 'n Things, Rite Aid and Mann Theatres.
The center's trade area includes the city of Thousand Oaks, which has a population of 124,000 and a median household income of more than $86,000, according to city officials. The retail centers in the area draw on an even larger population of 320,000 that also includes the cities of Westlake Village, Agoura Hills, Camarillo, Moorpark and Calabasas, along with nearby unincorporated areas.
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