In a move that signals the continued activity in the Conejo Valley area office and R&D markets, Lee & Associates LA North/Ventura Principals Jay Rubin and Jared Smits, negotiated the $19.275 million sale of a large office & R&D complex, 30601 Agoura Road, located in Agoura Hills. The building spans 118,864 square feet and includes a solar power plant and at the time of the sale, the property was 58 percent occupied. The buyer is Harbor Associates, represented by Mark Perry at CBRE and the seller is Adler Realty, represented by Rubin and Smits at Lee & Associates.
“This was an incredibly successful sale at a time when the market has been evolving rapidly in the Conejo Valley,” said Rubin. “We focus on tracking the current market trends in order to identify the right buyer. The Conejo Valley continues to be one of the most desirable suburban markets in the greater Los Angeles area.”
“We are extremely proud of this deal because it consisted of a lease termination of an existing tenant to make way for a new 70,000 square foot life sciences lease with the new owner Harbor & Associates. It really is a great case study of the buyer, seller, and tenant all working together to achieve the best outcome for all parties,” said Smits.
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.
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.
The buyer, Harbor Associates, has been active in the area and has been looking to further increase its footprint of properties in the market. The company is focused on value-add projects in the western United States.