Conejo Valley Shopping Center Sold for $5 Million

PCI Commercial Realty Group closed the $5 million sale of an 8,000-square-foot shopping center in Thousand Oaks, where an undisclosed buyer purchased the property from Century City’s Marks family, according to Costar Group. At $625 per square foot, the University Shopping Center sale represents the highest price per square foot for a multi-tenant retail center in Ventura County since 2015, according to PCI. The sale also marks the fifth highest price per square foot for this type of listing in the Thousand Oaks/Southeast Ventura County submarket, based on CoStar data. Located at 409 to 427 E. Avenida de Los Arboles, the center stands adjacent to a Trader Joe’s and a Rite Aid. Tenants at the strip mall include T&K Nails & Spa, Allegro Pizza Inc., Arboles Animal Clinic, Fresh Donuts, PJ’s Sports Pub and a Subway sandwich outlet. The deal was brokered by PCI President Paul Forbat. Based in Thousand Oaks, PCI specializes in shopping center and office property sales.