The Terrace, a two-level shopping center in Newbury Park, has sold for more than $15 million, according to commercial real estate brokerage, CBRE Group Inc. Tenants at the fully leased center include 12 restaurants and retail and athletic-oriented businesses. GPK Group Inc. of Northridge and Granada Hills bought the center from David Fried of Santa Monica, according to CBRE. The 10-year-old, 39,600-square-foot center sits on 3.62 acres at 1714 Newbury Road and sold for $15.26 million, or about $385 a square foot. CBRE Executive Vice President Philip Voorhees, Vice President Jimmy Slusher, Megan Wood, Matt Burson, Todd Goodman, John Read and Preston Fetrow negotiated the deal on behalf of Fried, a private investor. Slusher said GPK, also a private investor, was attracted to the center’s long-term viability stemming from three surrounding hotels that total 388 hotel rooms, in addition to the proximity to the 101 Freeway and the quality of the center’s construction. Low interest rates are also spurring additional deals by investors, Slusher added. In this case, the buyer refinanced a loan on a multifamily property with a lower interest rate, and used the leftover cash to buy a retail property that requires less management and provides a high rate of return. “That’s effectively the story here. He is able to get a little bit more cash-on-cash return,” Slusher said.
