Newbury Oaks Marketplace Brings Nearly $24M

THOUSAND OAKS, CA-Robertson Properties Group of Los Angeles has acquired the 85,000-sf Newbury Oaks Marketplace shopping center for $23.6 million from three LLCs that had owned it since last year, according to NAI Capital Commercial. Michael Schiff, a partner in the selling entity and VP in NAI Capital's Westlake Village office, reports that the seller was a partnership of Directors LLC, Bolint LLC and Schiff LLC.Robertson Properties Group, which owns an adjacent center that is anchored by Kohl's, closed the deal at a cap rate of 5.42% on 2004 income and 6.25% on 2005 projected income.Located just off the 101 Ventura Freeway at Borchard, the property was 100% leased at the time of the sale. The center is anchored by Vons and Longs Drugs, but Longs, which owns its own parcel, was not a part of the sale.Schiff, who represented the sellers, says the property attracted close to 30 offers before RPG put the center under contract in January and closed the deal last month. The deal marked the second time marketing the property for Schiff, who represented both the buyer and the seller of Newbury Oaks Marketplace in 2004 when the property sold for $18.9 million.Schiff points out that after narrowing down the 30 offers to the three highest, the sellers chose Robertson Properties Group because of the L.A.-based firm's strong track record and strong interest in the property. Because Robertson owns the adjacent center, adding the Newbury Oaks Marketplace to its portfolio makes good sense since the two centers tie in nicely to one another, he adds. In the recent sale of Newbury Oaks, the buyer was represented by Bill Bauman of the Downtown Los Angeles office of Colliers Seeley International.