Newmark Pacific Arranges $45.5 Million Sale of Conejo Valley Plaza in Thousand Oaks, California

September 16, 2025 9:00 AM

Newmark Pacific announces it has completed the $45.5 million sale of Conejo Valley Plaza, a 127,032-square-foot grocery-anchored shopping center located in Thousand Oaks, California. The property was acquired by Gerrity Group, LLC.

Newmark Pacific Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, Conejo Valley Plaza 1, LLC and Conejo Valley Plaza 2, LLC, in the transaction.

Anchored by Ralphs and Bank of America and shadow-anchored by Marshalls, HomeGoods, CVS and several daily-needs retailers, Conejo Valley Plaza is one of the premier shopping destinations in Ventura County. The center benefits from high visibility along North Moorpark Road and East Janss Road, with a surrounding trade area characterized by strong demographics and intense barriers to entry. Additional value-add potential exists through lease-up of a prominent former JoAnn’s space.

“This transaction is a testament to the enduring investor demand for well-located, necessity-driven retail assets,” said Rudy. “This portion of Conejo Valley Plaza combines a stable rent roll with category-leading tenants and a unique value-add opportunity in re-tenanting the former JoAnn’s facility, making it an attractive investment opportunity in today’s market.”

Conejo Valley Plaza is located just off U.S. Route 101, with a five-mile trade area encompassing over 140,000 residents and average household incomes exceeding $135,000. The subject property was 68% leased at the time of sale.

According to Newmark Research, investor interest remains strong for open-air, grocery-anchored centers, which offer resilient cash flows and consistent foot traffic, especially in mature suburban markets like Thousand Oaks. These assets continue to draw capital even amid broader market dislocation, reflecting long-term confidence in the retail sector’s evolution.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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