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12/21/16
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Conejo Spectrum, a 159.2k sf, two-building, office and flex portfolio in Thousand Oaks, was acquired by a joint venture of Harbor Associates LLC and The Bascom Group LLC in a recent $13 mil ($81/sf) transaction.
The 14-acre purchase is comprised of an office building located at 1525 Rancho Conejo Blvd and a flex building located at 1535 Rancho Conejo Blvd. The portfolio is currently 78% leased to six different tenants.
Harbor is planning to reposition and lease-up the asset through a comprehensive rebranding and renovation program that includes spec suites, a fresh paint scheme, modern lobbies, drought tolerant landscaping package, along with new building and project signage.
Harbor sourced the asset through a distressed auction bid process from the seller, CW Capital, and closed 21 days later. The portfolio marks the sixth value-add office acquisition for Harbor in the last eighteen months and expands the firm’s existing footprint in Southern California.
Pine River Capital Management was the external manager for the lender. Sean Fulp of NGKF represented the seller in the transaction.
The buy marks Harbor’s sixth acquisition since forming in early 2015, coming on the heels of Harbor’s creative office purchase of: ‘Create Tustin’ & ‘Bespoke Tustin’ in Tustin; ‘5280 Carroll Canyon’ in San Diego; ‘71 At The Park’ in Lake Forest; and ‘Bespoke Irvine’ in Irvine.
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