JLL brokers $7.1 million sale of 24,311 SF building in Thousand Oaks, California
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LOS ANGELES, August 20, 2025 –JLL announced today that it has represented Dr. John Chiu, MD in the $7.1 million sale of a two-story, 24,311-square-foot medical office building located at 1001 Newbury Road in Thousand Oaks, California to Dr. Eric Spayde, MD. Spayde will occupy the building for his spine surgery medical practice.
1001 Newbury Road is a highly improved medical outpatient building with surgery center, rehabilitation/physical therapy, radiology, and clinical space. The building sits on 2.27 landscaped acres with over 100 parking spaces, including 25 covered stalls which is unique in the Conejo Valley submarket.
JLL’s Managing Director Bryan Lewitt and Executive Vice President Chris Isola represented the seller. The buyer was represented by Chris Nikchevich of TNG Real Estate Services, Inc..
“The extensive, existing build-out that was custom built by Dr. Chiu was a great fit for Dr. Spayde’s practice and a key driver of his interest in acquiring the property,” said Isola. “Dr. Spayde was able to acquire the property well below replacement cost, as replicating the existing building, parcel size and interior improvements would likely cost over $700 per square foot.”
Lewitt went on to say “While recent general office building sales in this area have sold at in the low-$100/sf range, this sale confirms that improved medical outpatient buildings can still command a premium purchase price.”
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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