An office park in the Los Angeles submarket of Agoura Hills has sold for $29.7 million. Harbor Associates and Gemdale USA acquired Agoura Hills Business Park, which has 113,991 square feet of space on its campus.
West of LA, about midway to Oxnard, Agoura Hills is located on the eastern edge of the Conejo Valley, a region shared by Los Angeles and Ventura Counties that also includes Calabasas, Westlake Village, Thousand Oaks, and Newbury Park.
“A portion of the property has been successfully converted into lab space, which plays well into our bullish view on the growing life science demand in this emerging submarket,” said Gemdale Executive Director and Head of Acquisitions Tim Nguyen.
“Despite the Covid -19 headwinds, Harbor has increased occupancy to 94% by attracting the life science groups who have been actively expanding in the Conejo Valley.”
Built in 1987, Agoura Hills Business Park sits along U.S. Highway 101 at 30401-30501 Agoura Rd. The six-acre campus consists of two, two-story office buildings around a central plaza. The site includes … wait for it … ample parking for 193 automobiles, providing a parking ratio of 3.80 vehicles per 1,000 square feet.