A 439,956-square-foot development site in Thousand Oaks has sold for an undisclosed price.
The land, which spans more than 10 acres, has been earmarked for residential building. Located at 339 Hampshire Road, the property has a corner location with accessibility to the 101 freeway.
The deal represents the largest land sale in Thousand Oaks since 2007, according to Calabasas-based brokerage Marcus & Millichap.
Brandon Michaels, senior managing director investments in Marcus & Millichap’s Encino office, and Lonnie McDermott, Marcus & Millichap's first vice president investments, represented the seller and procured the buyer.
“This historic transaction for the city is emblematic of Thousand Oaks’ move to become more pro-development, which will create long-term growth in the immediate submarket,” Michaels said in a statement. “The sale also demonstrates investor interest in transforming under-performing assets into alternative asset classes.”
Added McDermott: “The buyer, IMT Capital LLC, plans to convert the site to much-needed residential housing, including neighborhood-serving retail and community accessible open space amenities."