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8/23/22
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In a recent Conejo Valley investment trade, Harbor Associates paid $19.275 mil for 118.9k sf ($162/sf) office/R&D complex in Agoura Hills. The property, located at 30601 Agoura Rd, was sold by Adler Realty.
The building includes a solar power plant and was 58% occupied at the time of sale. The transaction included a lease termination of an existing tenant to make way for a new 70k sf life sciences lease with the new owner.
The Conejo Valley which includes Thousand Oaks, Newbury Park, Westlake Village, Oak Park, Agoura Hills, Lake Sherwood and Calabasas, is a growing mecca for the Life Sciences/ R&D uses. Its proximity to a range of amenities including affluent residential areas, commercial spaces, world-class shopping and entertainment areas, top-ranked public and private schools, and open spaces, along with its proximity to the Pacific Ocean 10-15 miles from its inland, has increased its appeal for companies to attract talent and grow businesses.
Jay Rubin and Jared Smits with Lee & Associates repped the seller in the deal. The buyer, who is focused on value-add projects in the western United States, was represented by Mark Perry at CBRE.
Lee & Associates LA North/Ventura’s recently published Q2 Office Market Report indicated that the Conejo Valley’s occupancy rates are stabilizing. Agoura Hills is sandwiched between higher rent submarkets of Calabasas and Westlake Village, the markets with the most expensive rental asking prices.
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