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2/21/18
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Felton Properties paid $47 mil for The Arbors, a newly renovated, 275.5k sf, office campus in Thousand Oaks. The four-building asset is 71% occupied by three tenants including Skyworks Solutions, Frontier Communications and ZS Associates.
Built in phases from 1984 to 2007 and renovated in 2017, The Arbors is situated on 16.4 acres at 649 Lawrence Dr, 2535-2545 Hillcrest Dr and 2560 Teller Rd, within the growing Conejo Valley submarket. The recent renovation and repositioning program executed by the seller was valued at approximately $7 mil. The transformation included common area upgrades, an amenity area with a bocce ball court, fire pit, seating areas, a built-in BBQ, as well as upgraded lobbies, corridors, and other common areas.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, Managing Directors Laura Stumm and Michael Moll and Executive Managing Director Ken White represented the seller, SteelWave. Felton Properties was self-represented. NKF Capital Markets also arranged for the financing.
“The Arbors has all the features creative office users are seeking for their workforce, making it one of the premier office environments in the Conejo Valley,” said Shannon. “With the renovation work done, the buyer now has a turn-key asset and huge opportunity to add value through lease-up of the remaining space.”
Stumm added that the project also offers tremendous optionality with the four buildings on four separate parcels.
Located adjacent to the 101 freeway, which sees approximately 150,000 vehicles on a daily basis, The Arbors provides easy access and excellent visibility and building signage. It is also just 25 minutes from the Burbank Airport and 40 minutes from LAX.
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