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December 5, 2023
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Johnston Group and Majestic Asset Management Buy 94k sf Office Asset in Thousand Oaks


Westlake Gardens, a two-building, 94.2k sf office complex in Thousand Oaks, was acquired by a partnership between Johnston Group and Majestic Asset Management. The price was not disclosed.

Built in 1999, Westlake Gardens is located at 2535 and 2555 Townsgate Rd. It consists of two three-story buildings and is situated within the prestigious Westlake Village submarket.

The property is currently 94% leased to 25 tenants occupying spaces that range from 1 ksf to 17k sf in size. It benefits from a diversified tenant base including financial, real estate and technology services among others. With limited Class A availability in Westlake Village for small and mid-sized tenants, the property enjoys a high retention rate.

Sean Fulp and Robert Griffith with NKF Capital Markets represented the seller. Majestic has been actively pursuing investment opportunities with approximately $300 mil of transactions conducted over the past 24 months.

"I fully expect the property to outperform other properties in the market due to its high-quality construction, parking, proximity to amenities and the functional tenant suites," said Fulp. "Most tenants will renew because of these attributes, but when vacancy does come, the costs to re-tenant the space should be low."

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