As evidence of Conejo Valley’s hot market for investors, L.A.-based insurer Farmers Group Inc. has sold its building in Westlake Village for $18.6 million, according to real estate activity tracking database CoStar Realty Information Inc.
One person close to the transaction said the building was put on the market in March and garnered 20 offers – an unusually high number.
L.A.-based Black Equities Group Ltd. Bought the 64,500-square-foot Class A building at 31051 Agoura Road in Westlake Village in the Westlake Village City Center on May 12, according to CoStar. The building is leased to one of Farmers’ insurance exchanges, which is owned independently of Farmers.
CBRE Group Inc. Vice President Michael Longo, one of the brokers who represented the buyer and seller in the deal, said Westlake Village and the Conejo Valley markets are hot right now.
“Westlake Village has been the best-performing office submarket in the Conejo and San Fernando valleys over the last five years,” Longo said. “The recent investment activity in the area reflects on the health of the market as investors are drawn to Westlake’s high concentration of national corporations, excellent demographics and amenities and the overall high quality of life.”
CBRE’s Mark Perry, Carlene O'Neil, Tom Dwyer and Michael Slater also helped negotiate the deal.