Thousand Oaks Up For Sale
The Thousand Oaks Office Park near the former Mall of Memphis site is up for sale.
But can rejuvenated complex recoup what its owner invested?
When CB Richard Ellis took over leasing and management of Thousand Oaks Business Center in 2002, the property’s prospects were bleak.
Built in phases from the mid-1980s to 1990, Thousand Oaks saw an exodus of tenants in the late 1990s. FedEx, which occupied nearly 100,000 square feet, and other important tenants left.
By 2002, occupancy had dipped to a paltry 24 percent.
“When you’re at 24 percent, some people get fired and some people get hired and we were the ones who got hired,” said Patrick Reilly, project manager for Thousand Oaks for CBRE.
Now, Thousand Oaks owner Glenborough Realty Trust, a publicly traded real estate investment trust, is selling the 31-acre office park at Perkins and I-240.
This is a condensed version of an article written by Amos Maki at the Commercial Appeal. Click here to access the full article.
But can rejuvenated complex recoup what its owner invested?
When CB Richard Ellis took over leasing and management of Thousand Oaks Business Center in 2002, the property’s prospects were bleak.
Built in phases from the mid-1980s to 1990, Thousand Oaks saw an exodus of tenants in the late 1990s. FedEx, which occupied nearly 100,000 square feet, and other important tenants left.
By 2002, occupancy had dipped to a paltry 24 percent.
“When you’re at 24 percent, some people get fired and some people get hired and we were the ones who got hired,” said Patrick Reilly, project manager for Thousand Oaks for CBRE.
Now, Thousand Oaks owner Glenborough Realty Trust, a publicly traded real estate investment trust, is selling the 31-acre office park at Perkins and I-240.
This is a condensed version of an article written by Amos Maki at the Commercial Appeal. Click here to access the full article.
source: Thousand Oaks Up For Sale
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