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June 17, 2018
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Scheu Development Buys 37k sf Office Property in Westlake Village


Scheu Development has purchased a 37.1k sf, newly constructed office building in Westlake Village for $9 mil ($243/sf). The three-story building is located at 4580 East Thousand Oaks Blvd, within North Ranch Corporate Center.

The property, which provides desirable views of the Santa Monica Mountains, has easy access to the 101 Fwy and includes ample parking. It is situated in the affluent submarket of Conejo Valley.

Simi Valley-based Scheu has also developed Class A office projects in the region, including The Ridge, a 72k sf, two-story office condominium project in Agoura Hills, and Simi Valley Corporate Point, a 64.1k sf, three-story building in Simi Valley. This latest purchase adds to the four properties Scheu already owns at North Ranch Corporate Center.

CBREs Michael Slater, Tom Dwyer, Mark Perry and Carlene ONeil represented the unnamed seller. Mike Foxworthy from DAUM Commercial Real Estate Services repped Scheu in the transaction.

In the recently released CBRE 2016 Americas Investor Intentions survey, the Los Angeles metro area ranked number one. After a strong 2015, fundamentals in the overall Greater Los Angeles office market continue to improve. Office employment in the Greater Los Angeles market will reach its previous peak in the second quarter of this year while vacancy levels are expected to decline by another 60 basis points by the fourth quarter, according to CBRE Econometric Advisors.

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