FACILITIESPENDING

City of Thousand Oaks Council Meeting Agenda Packet April 14 2026

City to Acquire 1868 Thousand Oaks Boulevard for Downtown Project

$4,500,000 purchase price plus $50,000 leaseback value and $35,000 for escrow and title services (total $4,585,000)City of Thousand Oaks1868 T.O. LLCApril 14, 2026

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Description

The City of Thousand Oaks plans to purchase the property at 1868 Thousand Oaks Boulevard from 1868 T.O., LLC for a negotiated consideration totaling $4,585,000, including purchase price, leaseback value, and closing costs. The agreement includes a 14-month post-closing leaseback to the seller and supports future downtown circulation improvements associated with the planned Main Street.

Contract Details

Contract Amount

$4,500,000 purchase price plus $50,000 leaseback value and $35,000 for escrow and title services (total $4,585,000)

Vendor

1868 T.O. LLC

Agency

City of Thousand Oaks, CA

Contract Type

FACILITIES

Document Date

April 14, 2026

Contract Term

Purchase close of escrow anticipated May 2026; 14-month post-closing leaseback term commencing at Closing

Renewal Date

2027-07-15

Renewal Info

One-time fee simple property acquisition with no renewal; includes a 14-month, non-extendable, rent-free leaseback to the seller, after which the seller must vacate and surrender the property broom clean.