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7/07/20
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Omninet Capital and Topa Equities traded a 256.6k sf office portfolio in SoCal’s Conejo Valley in a recent $55 mil ($214/sf) transaction. Omninet was the buyer in the deal, which consisted of a two-building, 195.9k sf office project at 2801 and 2815 Townsgate Rd and a two-building, 69.7k sf campus located at 100 and 200 N. Westlake Blvd, all in Westlake Village.
2801 and 2815 Townsgate Rd, Westlake Village |
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2801 and 2815 Townsgate Road is anchored by Bank of America and numerous other financial services, insurance and legal tenants. 100 and 200 Westlake Blvd are currently leased to Morgan Stanley and 14 other tenants, ranging in size from 1.1k sf to 20.4k sf. Both properties are minutes from the 101 Fwy and offer convenient access to the Conejo Valley and greater Los Angeles metro area.
NKF’s Sean Fulp, Kevin Shannon, Ken White, Ryan Plummer, Mark Schuessler and Ryan Tetrault represented the seller, Topa Equities. Omninet Capital represented themselves.
“The buyer and seller are very sophisticated private family offices, which further validates the narrative that a majority of the sales taking place right now involve noninstitutional investors,” Fulp said. “Private investors will likely continue to control the market until there is greater clarity with regard COVID-19 and the effect it is going to have on the economy and real estate.”
“These Westlake properties are a good addition to our existing portfolio along the 101-corridor,” said Michael Danielpour, a Managing Partner at Omninet Capital. “This is the fourth acquisition of this size we have completed in the past 90 days and we continue to be very active. Our goal is to purchase another $250 mil of commercial assets by the end of this year.”
The Conejo Valley office market is characterized by its affluent and well-educated labor pool and proximity to abundant executive and workforce housing, according to NKF Research. Biotechnology, software, insurance and other service industries are major driving forces in the area’s economy.
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