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T.O. Shopping Center Sells for $13.5 Million

The Terrace, a 40,000-square-foot shopping center in Thousand Oaks, has sold for $13.5 million. The center was picked up by an investment group led by Robert Selleck, brother of developer Dan Selleck and actor Tom Selleck. It was sold by Newbury Giant LLC, an investment entity. Robert Selleck was the original developer of the site, built in 2004. The deal works out to $339 a square foot. Hayes Capital Management in Calabasas arranged for the acquisition financing. The Terrace at 1714 Newbury Road in the Newbury Park neighborhood of Thousand Oaks has some high-profile tenants, including Chili’s, Roadrunner Sports, Holdren’s Steak and Seafood, Spumoni’s Italian, and Sumo Japanese restaurants. The Total Realty Group and MW Real Estate Group units of KW commercial in downtown L.A. represented both sides of the transaction. The deal was announced late Friday.

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