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2/10/20
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In a recent office buy out of SoCal’s Conejo Valley, Younan Properties Inc purchased Westlake Oaks Campus, a two-building, 212k sf corporate campus in Westlake Village. The price was not disclosed.
The buildings are at 120 Via Merida and 4553 La Tienda, between the 101 Fwy and Thousand Oaks Blvd, off Lindero Canyon Rd. This is the first time in over 20 years that the 120 Via Merida building has been on the market.
At the time of purchase, the portfolio it was a 53% occupied, with Anthem fully occupying the La Tienda building. Anthem, who has previously fully occupied both buildings since their construction, has a long-term Triple Net Lease.
Situated on a campus-like setting totaling to 20.2 acres, the corporate headquarters quality asset is located in the thriving Westlake Village submarket, and is neighbored by the Promenade Shopping Center and Four Seasons Resort. Located on three separate parcels, including excess land with the intent for redevelopment, the property has a prominent identity with access alongside the Ventura (101) Fwy and is well-positioned to attract tenants from neighboring cities with unparalleled convenience. World-class amenities include abundant parking with key-card access, an outdoor garden and courtyard, conference and meeting rooms, on-site engineering, and on-site security.
“The Conejo Valley office market continues to see positive signs towards sustained growth,” notes Zaya S. Younan, Chairman and CEO of Younan Properties. “Its existing tenant base consists primarily of companies who migrated from the greater Los Angeles area in search of a greater quality of life, lower cost of business and living, access to a highly educated labor pool, and a cleaner environment.”
The Class A office campus has exceptional access to the surrounding affluent communities of Westlake Village, Thousand Oaks, Agoura Hills, and Calabasas, which are recognized as premier addresses for companies located within the West Los Angeles Valley. Westlake Village has captured nearly 50% of the overall net absorption within the entire Conejo Valley since the beginning of 2011, maintaining an average historical occupancy of approximately 90%.
Mike Longo, Todd Tydlaska, and Sean Sullivan with CBRE represented the seller in the sale. Younan Properties repped itself in the transaction.
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