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3/17/22
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Harbor Associates and Gemdale USA have acquired Agoura Hills Business Park, a 114k sf office campus located in the Los Angeles submarket of Agoura Hills, in a $29.7 mil ($260.5k/sf) off-market transaction
The acquisition represents a recapitalization of the suburban office property, originally acquired by Harbor Associates in January 2020 in joint venture with a Kansas City-based real estate investment firm, which exits the investment after meeting its business plan. Harbor will continue as operating partner in the new joint venture with Gemdale USA as the two firms see a continuation of the rising tide of life science expansion in the Conejo Valley.
Built in 1987, Agoura Hills Business Park fronts U.S. Hwy 101 at 30401 – 30501 Agoura Rd. The six-acre campus consists of two, two-story office buildings around a central plaza. It is surface parked for 193 automobiles, providing a parking ratio of 3.80/1,000 square feet.
Agoura Hills is located on the eastern edge of the Conejo Valley, a region shared by Los Angeles and Ventura Counties that also includes Calabasas, Westlake Village, Thousand Oaks, and Newbury Park. The Conejo Valley, which is home to Amgen, one of the world’s leading biotechnology companies, has benefited from the expansion of other major life science and bio tech firms as well as new start ups. Other global firms with a major presence in the Conejo Valley include Baxter, Allergan, Takeda Pharmaceuticals and Medtronic.
“A portion of the property has been successfully converted into lab space, which plays well into our bullish view on the growing life science demand in this emerging submarket,” said Gemdale Executive Director and Head of Acquisitions, Tim Nguyen. “Despite the Covid -19 headwinds, Harbor has increased occupancy to 94% by attracting the life science groups who have been actively expanding in the Conejo Valley.”
Andrew Harper, Will Poulsen, Matt McRoskey, and Chad Solomon of Jones Lang LaSalle represented the seller in the transaction. Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of the new ownership.
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