Jafra HQ in $28M Sale, Leaseback

The 126,238-square-foot office and warehouse facility that houses Jafra Cosmetics International Inc.’s headquarters in Westlake Village has sold for $28.2 million, or $223 per square foot. Located at 2451 Townsgate Road, the two-story structure, situated on a 9.6-acre parcel, boasts signage visibility from and immediate access to the 101 freeway. Seller Jafra Cosmetics, which occupied the building at the sale’s completion, will leaseback about 46,000 square feet of office space to retain its corporate headquarters. New owner PS Southern California One Inc. plans to develop the remaining portion of property into a Public Storage facility. NAI Capital Chief Executive Officer Tim Foutz, Senior Vice President Ken Simons, Executive Managing Director Chris Jackson and Executive Vice President Todd Lorber with NAI Capital’s Investment Services Group represented PS Southern California One. Foutz and Simons represented Jafra. The cosmetics company uses a network of 500,000 independent beauty consultants to sell its products, with a business model similar to Avon. It also sells on the company’s website. Its product line includes skincare, hair, makeup, deodorants, nutritional supplements and fragrances. The company plans to invest proceeds from its real estate divestiture into the business. “This was an excellent opportunity for my client to sell this asset they held for a long time, take their profits and redeploy them into their business,” Simons said in a statement. Added Jackson: “Demand for self-storage facilities remains strong. And with the industrial market being extremely tight, quality product is hard to find.” The Conejo Valley had an industrial vacancy rate of just 2.3 percent during the second quarter, according to data from Colliers International. Nearby competing markets had the same or lower vacancy, with Simi Valley and Moorpark at 1.9 percent. and the much larger West Ventura County – Camarillo, Oxnard and Ventura – at 2.3 percent. The San Fernando Valley industrial market had vacancy of 0.8 percent, according to Colliers data.