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This NNN Sale Makes Pricing History

THOUSAND OAKS, CA—A national development firm buys the single-tenant Orchard Supply Hardware retail property for $388 per square foot, one of the highest prices ever paid for a triple-net leased property in Southern California.

By Kelsi Maree Borland | Updated on June 15, 2015

THOUSAND OAKS, CA—A triple-net leased Orchard Supply Hardware trades hands for a record-breaking price. Minnesota-based investor Oppidan Investment Co. buys the 43,138-square-foot single-tenant triple-net property from a private investor for $16.8 million or $388 per square foot—one of the highest prices ever paid for the property type in the Southern California market.

“Inventory in this price point in Ventura County is pretty much nonexistent, and specifically when you look at the submarket of the Conejo Valley and you zero into Thousand Oaks, it is extremely rare,” Christopher Maling, EVP at Colliers International, tells GlobeSt.com. “There are no home improvement or hardware stores within five miles of this property, and nothing can be built that could compete with this. So, you have a captured market for this type of need, and as a result of that, the sales outperformed your standard Orchard Supply hardware store. Those were really the defining attributes and features of this property. All of that goes into the formula for driving value and driving price.” Maling represented the buyer and seller in the transaction, along with Colliers EVPs David Maling and Stephen Algermissen.  

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