An Agoura Hills business park has changed hands for $21 million and the new owners plan significant upgrades to attract tenants.
L.A.’s CBRE Group Inc. said it has brokered the sale of the roughly 120,000-square-foot Canwood Business Park, a four-building mix of office and industrial space at 5126, 5137, 5142 and 5155 Clareton Drive. The buyers were Van Nuys property firm Majestic Asset Management Inc. and JS/JS Properties Inc. in Canoga Park. Agoura Hills real estate development and property management firm Johnston Group was the seller.
The building will be updated to have creative office elements – open floor plans, exposed ceiling structure and additional glass exteriors – as space becomes available, said CBRE Vice President Troy Pollet, who worked on the deal. It will then be renamed Tech Park @ Canwood to attract companies that prefer modern working environments.
“It has never been more important for employers to recruit and retain top talent,” Pollet said. “Once renovated, Tech Park @ Canwood will be a mecca for employers looking to do exactly that.”
CBRE’s Pollet, Matthew Heyn and David Solomon represented Majestic, while Steve Morse of the Johnston Group represented the company in the deal.