A Conejo Valley property has sold and is slated to become a new Ferrari automobile dealership.

The retail parcel, at 3195 Willow Lane in Thousand Oaks, was acquired by Mattioli Automotive Group of Beverly Hills, which owns and operates four Ferrari dealerships in California.

The company plans to build a new showroom at the Thousand Oaks location, which is at the intersection of Hampshire Road and the Ventura Freeway, said Bruce Frederick, chief financial officer. “The building will go through a major renovation to reflect the architecture and image of the Ferrari brand,” Frederick said. He said he expects a grand opening sometime early next year.

The 11,100-square-foot property, formerly occupied by a bicycle shop and a spa retailer, sold for $2.75 million, or just under $250 a square foot, according to real estate data provider CoStar Group Inc.

The Thousand Oaks showroom will be an expansion of the automotive group’s Ferrari Los Angeles dealership at 7051 Hayvenhurst Ave. in Van Nuys, Frederick said. It also owns Ferrari Beverly Hills, Ferrari South Bay and Ferrari Silicon Valley

The Mattioli Group was represented in the transaction by Aaron Guerrero of Westcord Commercial Real Estate Services; seller Trust Funding II LLC was represented by Tony Principe and Rick Principe with the same firm.