A Whole Foods-anchored retail center totaling 23,985 square feet has recently been placed on the market in Thousand Oaks. The property is being marketed through JLL with guidance pricing set at $13.5 million, or roughly $563 per square foot.
Located at 692 N. Moorpark Road, the property was built in 1979 and last traded hands in 2008, when it was acquired by Pasadena-based Cabet Properties, according to public records.
The property is currently 73 percent, with tenants including Jenny Craig, Conejo Swimwear, Fatburger and several others. The anchor tenant, Whole Foods, is the world’s largest natural foods grocer with more than 5,000 locations and 8,900 employees nationwide. In 2021, Whole Foods also reported a revenue of $16,030 million.
According to the offering document, rents at the property on average are 91 percent of current market rents, allowing an investor to enhance property value by increasing rates as vacancies are filled. At current rates, the property offers a net operating income of $600,818.
The property is located north of downtown Los Angeles, adjacent to the Janss Marketplace. The popular retail center attracts more than 3.6 million visitors per year with stores like Aldi, Regal Cinemas, Ulta Beauty and others.
Thousand Oaks is also one of Southern California’s wealthiest communities, according to JLL. Within a five-mile radius of the property, the average household income is approximately 157,568 per year. Additionally, the population within a five-mile radius reaches 135,378.
