THOUSAND OAKS, CA-Decron Properties of Los Angeles has acquired a 110,000-sf center here for $43 million, and in Burbank, Principal Global Investors has named Donahue Schriber to manage Principal's Burbank Empire Center. Decron's new asset is the Park Oaks Shopping Center at 1640-1790 Moorpark Rd.
Decron acquired the property, which was 95% leased at the time of sale, from Investec Real Estate of Santa Barbara. Dixie Walker and Charley Simpson of the Newport Beach office of Grubb & Ellis represented the buyer, with Investec represented internally by Jim Slaught and Grant Harris.
The Park Oaks property was built in 1961 and renovated in 2001. Tenants include Vons, McDonald's and Washington Mutual.
In the Burbank deal, Donahue Schriber will manage the 613,000-sf Burbank Empire Center power center at the southwest corner of Empire Avenue and Interstate 5. Principal Global bought the property in December from the developer, Zelman Development Co.
Built in 2002, the fully leased Burbank Empire Center has 39 tenants including Target, Michaels, Staples, Best Buy and Linens 'n Things and is one of a number of retail centers that have been developed at former aerospace and industrial sites in the Los Angeles area. Lockheed Corp. built airplanes at the site until 1990.
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