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4/25/18
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An entity of Selleck Development Group (SDG) paid $11 mil for a two-story, 53.1k sf ($207/sf) corporate headquarters office building in Westlake Village. The building is located at 31248 Oak Crest Dr, south of the 101 Fwy and west of Lindero Canyon Rd.
The building was constructed as a build-to-suit for athletic footwear maker K-Swiss, and the company had occupied it from 1999 until they relocated to downtown Los Angeles. It was built as a multi-tenant facility, which provided K-Swiss a high-image corporate headquarters with room to expand as the company grew.
SDG principals, Dan Selleck and his son Dan Selleck Jr., viewed the building as an opportunity to invest in one of the few high-image office properties in the Conejo Valley. SDG plans to renovate the common areas and parking lot, enhance the landscaping and replace the existing solar panels, creating a cost-effective, modern office building.
Commenting on the property, Dan Selleck Jr noted, “It’s a Class A building located near the freeway, with many amenities and exceptional architectural features, so it checks all the boxes. We’ve already received a lot of tenant interest in the 27k sf that K-Swiss previously occupied.”
Joe Jusko with Lee & Associates-LA North/Ventura represented K-Swiss in the sale. Mike Tingus and Grant Fulkerson, SIOR, also with Lee, represented the buyer in the deal.
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