THOUSAND OAKS, CA—The Oakbrook Shopping Center in Thousand Oaks has begun a multi-million renovation. The 89,000-square-foot center is 34 years old and has been outdated for many years. It is one of few neighborhood retail centers in the market to join the retail renovation and redevelopment trend popular for larger retail strip malls.

“Thousand Oaks Boulevard has gone through quite a bit of renovation,” Lisa Engel, a sales assistant at CBRE, tells GlobeSt.com. “Many of the strip centers that border Thousand Oaks Boulevard have undergone renovation, and it has been fantastic for the community. The neighborhood centers are a little slower, or behind the curve, so we are really excited that Oakbrook is catching up. This is an exciting project that sets a precedent for the remaining neighborhood centers in Thousand Oaks.” Engel is handling leasing efforts for the project, along with CBRE senior associate Scott Siegel and SVP Larry Tanji.  

The renovations will include energy efficient updates including new stucco, stone, and building colors, seating areas, storefronts and drought tolerant landscaping. In addition to updating the center to better serve the community, the renovations will also help the CBRE leasing team to attract quality tenants to the property. “We are looking for your daily needs tenants, like a fitness center or a wine bar—tenants that will feed the surrounding community,” says Engel. “The center is located in the heart of Thousand Oaks. It has a 360-degree trade area with rooftops all around, so we really need that daily needs component.” The center is currently 92% or 93% occupied. Engel says that the team expects to reach full occupancy by the end of 2016.

Located at the corner of Erbes Road and Avenida de los Arboles in Thousand Oaks, the property is owned by investment manager Invesco Real Estate and managed by Tiarna Real Estate Services. A Vons grocer anchors the center, while the remaining tenant mix includes a Bank of America, the UPS Store, Pegasus Fashion Lounge and Price Club 4 Pets.

Engle also notes that the area has rich employment opportunities, which help to drive the retail market. She cites Chinese company Bocom Pharmaceuticals' recent purchase of an industrial-flex property in the area. The move will bring new jobs to the area, which will in turn fuel the retail market.