Park Oaks, a Thousand Oaks retail center, has changed hands as part of a $109 million portfolio sale of three shopping centers.
Retail Opportunity Investment Corporation, a San Diego shopping center real estate investment trust, acquired the 370,400-square-foot portfolio from Decron Properties Corp. in Los Angeles, in a sale that closed this month.
Park Oaks, 1790 N. Moorpark Road, is a 110,000 square foot community shopping center renovated in 2001 anchored by a Vons supermarket. It includes a McDonald’s, Washington Mutual branch and smaller tenants, and was acquired by Decron for $43 million in 2006.
The other properties in the portfolio were Mission Foothill Plaza at 28721-28841 Los Alisos Blvd., Mission Viejo; and Ontario Plaza at 920-1070 N. Mountain Ave., Ontario.
Initially, Mission Foothill Plaza was the only asset marketed for sale in a competitive bidding process, but Retail Opportunity put in an additional bid on the Thousand Oaks and Ontario properties, according to a press release issued by Savills Studley, the San Francisco brokerage that represented the seller.
“The terms were very compelling, with short due-diligence timeframes and significant non-refundable deposits,” said Studley broker Kyle Miller, corporate managing director, National Retail Service Group, who worked on the deal.
Bill Bauman, executive vice president at Studley, also represented the seller.