Muss Development, one of the most active and largest real estate development firms in New York City, recently acquired a 2.33-acre property within an adjacent grocery anchored shopping center in Thousand Oaks, CA, an upscale community within the Greater Los Angeles region. The developer purchased the property for $6.8 million from The Broe Group.
Located at 2791 Agoura Road in the affluent neighborhood of Thousand Oaks, California, the highly trafficked property is in a high-end shopping area, and includes a triple net leased, 25,697-square-foot CVS.
“The prime location of this property, paired with the strong lease with CVS and the tremendous inherent value of the real estate made this acquisition an attractive one,” said Jason Muss, Principal at Muss Development.
Thousand Oaks is known for its high-quality housing, top ranked public library system, 220-acre industrial park, family friendly atmosphere and highly educated and dense population. The neighborhood is in close proximity to Los Angeles to the east, the Ronald Reagan Presidential Library to the north, and Malibu to the south.
Chuck Cotsalas and Bob Delitsky of Northmarq represented Muss in the financing of the transaction, which was provided by Stancorp Mortgage Investors. Matthew Berres and Alex Sharrin of JLL represented the seller in the transaction.
Muss Development also ended 2018 with a sales flourish at 1 Brooklyn Bay, the developer’s luxury condo building in Sheepshead Bay, Brooklyn. After six recent closings, only 17 units remain for sale at the market-rate property.