• $16,254,000

    Asking Price

  • Office

    Property Type

  • 71,402

    Square Feet

  • 6.50%

    Cap Rate

  • 8.42 Years

    WALT

  • 100%

    Occupancy

$16,254,000

Asking Price

Office

Property Type

71,402

Square Feet

6.50%

Cap Rate

8.42 Years

WALT

100%

Occupancy

Offering Summary

Address

  • 2560 Teller Road
    Thousand Oaks, CA 91320

Pricing

  • Asking Price$16,254,000
  • Price PSF$228
  • WALT8.42 Years
  • Cap Rate6.50%
  • In-Place NOI$1,048,917
  • Rents Below Market21.3%

Details

  • Property TypeOffice
  • Property StatusUnder Contract
  • Square Feet71,402
  • Year Built2007
  • Year Renovated2017
  • Building ClassB
  • Building(s)1
  • Stories2
  • Parking Ratio3.80/1,000
  • APN667-0-060-765
  • TenancySingle
  • Occupancy100%

Address

  • 2560 Teller Road
    Thousand Oaks, CA 91320

Pricing

  • Asking Price$16,254,000
  • Price PSF$228
  • WALT8.42 Years
  • Cap Rate6.50%
  • In-Place NOI$1,048,917
  • Rents Below Market21.3%

Details

  • Property TypeOffice
  • Property StatusUnder Contract
  • Square Feet71,402
  • Year Built2007
  • Year Renovated2017
  • Building ClassB
  • Building(s)1
  • Stories2
  • Parking Ratio3.80/1,000
  • APN667-0-060-765
  • TenancySingle
  • Occupancy100%
Read Less...
Newmark is pleased to present the opportunity to acquire 2560 Teller Road, a 71,402-square-foot office building located in Thousand Oaks, CA.

The Property is 100% NNN-leased to Frontier Communications (“Frontier” or “Tenant”) (NASDAQ: FTR) through September 2029 and one, 5-year option to extend at FMV. Frontier Communications is a publicly traded Fortune 500 telecommunications company providing service in 29 states.

Frontier is expected to emerge from chapter 11 bankruptcy in April of 2021 as a much stronger company with $11 billion less debt and $1 billion less annual interest expense. 2560 Teller Road serves as a key office for Frontier evidenced by Frontier recently affirming their lease while in bankruptcy.

The Property was built in 2007 and renovated in 2018 to equip Frontier with mission critical upgrades and meet the demand of their 24/7 Western U.S. operations call center that is in the building. Investors stand to benefit from acquiring a newly renovated, institutional-quality, Class A office building at well below replacement cost, while receiving more than 8 years of lease term from a Fortune 500 telecommunications company, which has a contract rent that is 21% below the current market rent.
Read More...

Description

Newmark is pleased to present the opportunity to acquire 2560 Teller Road, a 71,402-square-foot office building located in Thousand Oaks, CA.

The Property is 100% NNN-leased to Frontier Communications (“Frontier” or “Tenant”) (NASDAQ: FTR) through September 2029 and one, 5-year option to extend at FMV. Frontier Communications is a publicly traded Fortune 500 telecommunications company providing service in 29 states.

Frontier is expected to emerge from chapter 11 bankruptcy in April of 2021 as a much stronger company with $11 billion less debt and $1 billion less annual interest expense. 2560 Teller Road serves as a key office for Frontier evidenced by Frontier recently affirming their lease while in bankruptcy.

The Property was built in 2007 and renovated in 2018 to equip Frontier with mission critical upgrades and meet the demand of their 24/7 Western U.S. operations call center that is in the building. Investors stand to benefit from acquiring a newly renovated, institutional-quality, Class A office building at well below replacement cost, while receiving more than 8 years of lease term from a Fortune 500 telecommunications company, which has a contract rent that is 21% below the current market rent.

Deal Team

Portrait of Sean Fulp

Sean Fulp

Executive Managing Director

CA RE Lic. #01389064

Portrait of Ryan Plummer

Ryan Plummer

Managing Director

CA RE Lic. #01765854

Portrait of Mark Schuessler

Mark Schuessler

Managing Director

CA RE Lic. #02033871

Portrait of Ryan Tetrault

Ryan Tetrault

Associate

CA RE Lic. #01996711