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LOS ANGELES COUNTY NEWS
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Investors Pick Up Westlake Village Office Properties

10/08/14

In recent investment news from the Conejo Valley, two Westlake Village office buildings, totaling 84k sf, traded hands. The transactions were for Westlake Village City Center, a 64k sf building at 31111 Agoura Rd, and North Ranch Office Building, a 20k sf property at 3967 Thousand Oaks Blvd.

Michael Slater, Tom Dwyer, Mark Perry, and Carlene O’Neil of CBRE represented the buyer, Pacifica Real Estate Group, and the seller, Farmers New World Life Insurance Company, in the Westlake Village City Center deal. The same CBRE team repped the buyer, Osborne Management LLC, in the North Ranch Office Building sale. The seller, North Ranch Properties, was represented by David Blatt. Both buildings sold for an undisclosed price.

Westlake Village City Center is a Class A, two-story building that is 96% leased to nationally recognized tenants, such as Mass Mutual Life Insurance, Bank of America, Farmers Insurance, and Lincoln Financial Advisors, to name a few. This property has 101 freeway visibility with a daily traffic count of more than 120,000 vehicles along the Conejo corridor.

“Westlake Village currently holds 88% office occupancy, the highest in Conejo Valley,” says Slater. “The location and features of this asset, its full occupancy and the quality tenants who occupy the building make it a strong long-term investment.”

North Ranch Office Building is a two-story office building located at the northwest corner of Westlake and Thousand Boulevards, near the 101 Fwy. Citibank currently leases approximately 38% of the property. The remaining 12k sf is planned to create additional retail tenants on the first level and medical and office tenants on the second level. The building is surrounded by Westlake’s top amenities, including The Westlake Promenade, Northgate Mall, and Thousand Oaks Auto Mall.

“The prime location is one of the main reasons our client was drawn to this property,” says Slater. “The business environment in the Conejo Valley is emerging as one of Southern California’s premier markets as tenants migrate from the highly impacted Los Angeles area. Businesses are recognizing the upside of a cleaner, more spacious environment and the lower cost of doing business, all with access to a highly educated labor pool.”






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