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Colony Capital, SteelWave Sell TOaks Campus to TriStar

A venture between Colony Capital, Inc. and SteelWave divested a 158,885-square-foot office campus in Thousand Oaks for $21.56 million to TriStar Realty Group. The asset at 225 W. Hillcrest Dr. is 74% leased to Bank of America until December 2020.

Built in 1983 and renovated in 2007, the Class A, five-story property was originally built for Exxon’s regional corporate headquarters. The new ownership, which has over 30 years of experience in ground-up medical, build-to-suit and retail development, is planning to extensively renovate the campus to appeal to medical office users.

CBRE’s John LaSpada represented the buyer. NKF’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Mark Schuessler advised the seller.

Stumm says, “This asset presents value-add capital and the unique opportunity to reposition the entire building. 225 W. Hillcrest Drive’s underutilized 14.7-acre site provides the investor with significant optionality to enhance parking and the site overall, at a relatively attractive price-per-square-foot.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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