More retail space is coming to the market in Southern California. According to a marketing brochure from CBRE, an opportunity for investors to acquire a retail asset adjacent to Janss Marketplace in Thousand Oaks was recently made available. The property, known as the Shops at Janss Marketplace, is located at 145-199 W Hillcrest Drive and guidance pricing was not disclosed.
With a total area of 172,008 square feet, the building is currently about 60 percent occupied, with tenants such as Nordstrom Rack, DSW and Dave & Buster’s. With what is currently leased, the remainder of the property is 69,457 square feet, all of which is available for lease. The property also includes a vacant office building spanning 11,146 square feet.
Through in-place rent increases and successful lease-up of the vacant spaces, the net operating income is projected to increase by approximately $917,895 or around 53% over a 5-year hold period.
The larger nearby Janss Marketplace is a sprawling open-air lifestyle center spanning 718,000 square feet. It features prominent anchor tenants such as Regal Cinemas, Gold’s Gym, ALDI, ULTA and Petco.
With a five-mile radius boasting an average household income of $177,898 and a population of 134,082 residents, the center attracts a significant consumer base, according to the property listing. Situated at the intersection of North Moorpark Road and West Hillcrest Drive, with access from US Interstate 101, the property is well-connected to the rest of Los Angeles County.
