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9/09/08
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The Johnston Group ("TJG") just closed on a notable Simi Valley acquisition, having paid $4.8 mil for a 20k sf ($240/sf) medical office building located at 2045 Royal Ave, south of Los Angeles Ave and east of Erringer Rd. TJG plans to convert the building to 100% medical use, as well as upgrade the building’s common areas and renovate the individual suites.
TJG currently owns and manages approximately 300k sf of office space along the 101 Technology Corridor in the Conejo Valley and is working over the next decade to expand their presence significantly throughout the area. Over the past few years, TJG has purchased buildings at 100 East Thousand Oaks Blvd in Thousand Oaks, 2659 Townsgate Rd and 875 Westlake Blvd in Westlake Village, the 120k sf Canwood Business Center in Agoura Hills and, in 2006, sold the 321k sf Malibu Canyon Corporate Center for $90 mil.
The CB Richard Ellis office brokerage team of Tom Dwyer, Michael Slater and Jennifer Rice assisted TJG in the sale negotiations. The CBRE team has a long-standing relationship with TJG and has assisted them in these other Conejo Valley office building purchases and dispositions, as well.
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