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8/04/15
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A 106.6k sf, single-tenant office building leased to Anthem Blue Cross of California in Thousand Oaks was acquired by a private Asian investor advised by Ocean West Capital Partners for $19.1 mil ($179/sf). Anthem has occupied the building since 1993 and has more than seven years remaining on the lease.
The two-story building is situated on 6.74 acres in a campus-style office park. It is located in the community of Newbury Park on the corner of Corporate Center Dr and Rancho Conejo Blvd, with direct access to the 101 Fwy.
CBRE Vice Chairman Kevin Shannon, along with Brad Burton, Mike Moll, Ken White and Michael Longo and a local market leasing team of Tom Dwyer and Michael Slater, represented the seller, Gramercy Property Trust.
“The triple-net lease is structured with fixed annual rent increases of 3.9 percent, providing the buyer with a durable income stream and increasing yield from an industry-leading healthcare insurance firm,” said Shannon. “The property is in an ideal location in a strong submarket, as there is a limited supply of large single-tenant office space in Thousand Oaks and the adjacent cities, providing users with few alternatives and placing upward pressure on rents.”
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