Oak Park Shopping Center Sold

An Oak Park shopping center has changed hands for nearly $30 million, according to L.A.-based CBRE Group Inc. Private investors paid just over $28 million, about $380 per square foot, for the more than 74,000-square-foot Oak Park Shopping Center at 604 to 664 Lindero Canyon Road. According to real estate database CoStar Group Inc., the buyers were Govind R. and Sonal G. Vaghashia of Chatsworth, who bought the center from Roseville investment firm Pacific Capital. According to CBRE, the center is 98 percent occupied and includes tenants such as United Parcel Service of America Inc., or UPS, and Goodwill Industries International Inc. CBRE’s Alex Kozakov, Patrick Wade, Larry Tanji and Scott Siegel negotiated the deal on behalf of the seller, while Paley Commercial Real Estate Inc. represented the buyer, according to CBRE. Kozakov said a CVS pharmacy also occupies space within the center. “The sale presented its challenges, as the CVS parcel was not a part of the sale,” he said in a statement. “However, the Oak Park Shopping Center provides daily-use retailers that have proven to be irreplaceable and fairly immune from e-commerce competition.”