Multifamily Development Opportunity Sale Negotiated by Marcus & Millichap
THOUSAND OAKS, Calif., April 21, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 10-plus acre, 439,956-square-foot development site in Thousand Oaks, California. The sales price makes it one of the largest commercial real estate transactions in Thousand Oaks since 2016, the largest land sale in Thousand Oaks since 2007 and the second-largest land transaction ever to be completed in Thousand Oaks.
“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,” said Brandon Michaels, senior managing director investments in Marcus & Millichap’s Encino, California office. “The sale also demonstrates investor interest in transforming under- performing assets into alternative asset classes.” Michaels and Lonnie McDermott, first vice president investments, represented the seller and procured the buyer.
“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,” added McDermott. Located at 339 Hampshire Road, the property has a corner location with accessibility from U.S. Highway 101.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.