Multi-Tenant Complex in Westlake Village Sells for $27M
About 15 miles north of Malibu, as the crow flies, is Westlake Village, Calif. Newmark has announced it arranged the $27 million sale of 2829 Townsgate, a multi-tenant office building in Westlake Village.
According to a news release, Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairman Sean Fulp, and Managing Directors Ryan Plummer and Mark Schuessler represented the seller, Majestic Asset Management. The buyer is California Commercial Investment Companies, according to a news release:
The 88,334-square-foot office building is located directly across from Westlake Plaza Shopping Center, which is home to a myriad of retail businesses ranging from grocery stores to designer clothing and world class restaurants. Westlake Village is in the epicenter of the fast growing Conejo Valley housing market, which has seen a major increase in home sales volume, according to Newmark Research.
With proximity near Calabasas, Woodland Hills and more, the Conejo Valley office market is characterized by its affluent and well-educated labor pool and proximity to abundant executive and workforce housing.