Investment Overview

Marcus & Millichap has been selected to exclusively market for sale Varsity Park Plaza, a 28,692 square foot value-add strip center with a strong and stable current income stream ideally situated on 3.10 acres of land (134,904 SF) located at the signalized corner of Princeton Avenue and Campus Park Drive in the Ventura County submarket of Moorpark, CA. The center is currently 75% occupied by a mix of 11 internet resistant and restaurant tenants on NNN leases. Varsity Park Plaza is positioned amongst a sea of single-family homes, ideally catering to the local residents in the immediate area. The existing tenant base is the neighborhood’s primary commercial destination. The seasoned and stable tenant mix has an average length of tenancy of 5.91 years. Current rents average $1.55 per SF with over 42% of the center less than 2 years remaining on their lease, creating a unique Moorpark value-add opportunity that currently generates a strong and stable income stream. Varsity Park Plaza benefits from excellent visibility and frontage along both Princeton Avenue and Campus Park Drive, with over 455’ and 255’ of linear frontage, respectively. The site offers 115 surface parking spaces, a parking ratio of 4.01 per 1,000 square feet. Daily traffic counts are north of 13,000 vehicles per day and is less than .2 miles north of the 118 State Highway with direct access along Princeton Avenue. Varsity Park Plaza is being offered for sale below replacement costs, at the price per square foot of $227. Currently, four units of Varsity Park Plaza are vacant with an additional two tenants operating on month-to-month leases. This allows a new owner the flexibility to immediately reposition a portion of the center to market rents.