• $30,953,000

    Asking Price

  • Wells Fargo (40%)

    Tenant(s)

  • 6.72%

    Cap Rate

  • 92%

    Occupancy

  • Office

    Property Type

  • 88,334

    Square Feet

$30,953,000

Asking Price

Wells Fargo (40%)

Tenant(s)

6.72%

Cap Rate

92%

Occupancy

Office

Property Type

88,334

Square Feet

Offering Summary

Address

  • 2829 Townsgate Road
    Westlake Village, CA 91361

Pricing

  • Asking Price$30,953,000
  • Price PSF$350
  • WALT3.45 Years
  • Cap Rate6.72%

Details

  • Property TypeOffice
  • Property StatusOn Market
  • Square Feet88,334
  • Occupancy92%
  • Year Built1990
  • Building ClassB
  • Building(s)1
  • Stories3
  • Parking Ratio4/1,000
  • Acres1.18
  • ZoningC4
  • APN693-0-130-265
  • TenancyMulti
  • Tenant(s)Wells Fargo (40%)

Address

  • 2829 Townsgate Road
    Westlake Village, CA 91361

Pricing

  • Asking Price$30,953,000
  • Price PSF$350
  • WALT3.45 Years
  • Cap Rate6.72%

Details

  • Property TypeOffice
  • Property StatusOn Market
  • Square Feet88,334
  • Occupancy92%
  • Year Built1990
  • Building ClassB
  • Building(s)1
  • Stories3
  • Parking Ratio4/1,000
  • Acres1.18
  • ZoningC4
  • APN693-0-130-265
  • TenancyMulti
  • Tenant(s)Wells Fargo (40%)
Read Less...
2829 Townsgate Road ("The Property") is an 88,334-square-foot three-story office building in Westlake Village, California. This investment utilizes the benefits of the Conejo Valley's growing businesss footprint as well as the vast amenities of this submarket.

The Property is currently 92% leased to a diverse rent roll of financial services, information systems technology, and real estate tenants, with 3.45 years of weighted average lease term. The largest tenant, Wells Fargo, occupies 40% of the rent roll, and is an investment grade credit tenant (S&P: BBB+ Rating). In addition, Majestic Workspaces adds imbedded deamdn by incubatting small tenants within the building and likely will improve average occuopancy throughout an investor's holding period.

This opportunity allows for an investor to tap into a growing market as people migrate to the suburbs. There are no vacant sites in the Greater Conejo Valley that are entitled for new office development placing upward pressure on asking rents. The Proeprty is a great opportunity for investors looking for a secure cash flow in a supply constrained market.
Read More...

Description

2829 Townsgate Road ("The Property") is an 88,334-square-foot three-story office building in Westlake Village, California. This investment utilizes the benefits of the Conejo Valley's growing businesss footprint as well as the vast amenities of this submarket.

The Property is currently 92% leased to a diverse rent roll of financial services, information systems technology, and real estate tenants, with 3.45 years of weighted average lease term. The largest tenant, Wells Fargo, occupies 40% of the rent roll, and is an investment grade credit tenant (S&P: BBB+ Rating). In addition, Majestic Workspaces adds imbedded deamdn by incubatting small tenants within the building and likely will improve average occuopancy throughout an investor's holding period.

This opportunity allows for an investor to tap into a growing market as people migrate to the suburbs. There are no vacant sites in the Greater Conejo Valley that are entitled for new office development placing upward pressure on asking rents. The Proeprty is a great opportunity for investors looking for a secure cash flow in a supply constrained market.

Deal Team

Portrait of Sean Fulp

Sean Fulp

Executive Managing Director

CA RE Lic. #01389064

Portrait of Ryan Plummer

Ryan Plummer

Managing Director

CA RE Lic. #01765854

Portrait of Mark Schuessler

Mark Schuessler

Managing Director

CA RE Lic. #02033871

Portrait of Jordan Garcia

Jordan Garcia

Financial Analyst

CA RE Lic. #02090086