Real Estate—John Anderson Buys Conejo Valley Office Buildings

If you’re looking for a sign that the Conejo Valley is still a good commercial real estate investment, this one is probably as good as any. John E. Anderson, the octogenarian, multi-millionaire entrepreneur for whom UCLA’s School of Management is named, is acquiring four office buildings in Westlake Village. Doing business as Duesenberg Investment Co., Anderson has acquired the 115,720-square-foot Westlake Plaza Centre I at 2801 Townsgate Road from Sagamore Realty Group for $22 million. Anderson is also under contract to acquire two additional buildings, a 41,307-square-foot office building at 200 North Westlake Blvd. from Pacifica Real Estate Group, and Westlake Plaza Centre III, an 81,500-square-foot building at 2815 Townsgate Road. Sources said the company also acquired an office building at 100 N. Westlake Blvd. from Pacifica Real Estate Group. The buildings were all constructed since 1980, except Plaza Centre III, which is currently under construction and due to be completed this summer, and were not listed for sale, said Brian Forster, co-owner of TOLD Partners, an affiliate of Core Network. “He wanted to have a few trophy properties out there,” Forster said. TOLD represented both buyer and seller in the 2801 Townsgate deal and the 200 N. Westlake transaction. The seller in the 2815 transaction, Plaza Centre LLC, was represented by Tony Principe at Westcord Commercial Real Estate Services. Forster would not disclose the purchase prices for the properties because the deals have not closed, but said “the prices are all record-setting. Even though there’s definitely a slowdown in that market as with other markets, he’s enamored with the area.” Other sources said the properties commanded an exceptionally high purchase price because of the prime location. Sources said the purchase price for the 100 N. Westlake and 200 N. Westlake buildings was in the $225-per-square foot range. It’s believed the 2815 Townsgate building will sell for almost $245 per square foot. Anderson, whose name landed on the UCLA business school after he made a $15 million donation, owns more than 30 companies, including the Thousand Oaks Auto Mall. Anderson’s real estate investment company takes its name from the street on which the dealership complex is located. Makeover at Galleria The Sherman Oaks Galleria now being renovated has signed three new tenants that will comprise a beauty and fitness center within the mall. 24-Hour Fitness Inc. will open a health club in 32,000 square feet of the center. Burke Williams Day Spa & Massage Center will open a 12,000-square-foot full-service spa. Next door, Aida Grey will open a 2,500-square-foot beauty salon. The Burke Williams spa, the sixth for the company, will be the first San Fernando Valley location. “A lot of our clientele that comes to two of our other spas come from the area, and it’s a central location in the Valley,” said Bill Armour, the company’s owner. He added that the Galleria’s focus, as an entertainment center, was a draw. “The fact that someone could go to the spa and then go to a restaurant or a movie is more appealing to us,” Armour said. The spa, which Armour likened to resorts such as La Costa Resort & Spa and Canyon Ranch Health Spas, is set to open early in September. The Galleria, which is being redeveloped by Douglas Emmett & Co., is set to open sometime this summer, although some of the renovated office spaces are completed and several of the food court vendors have already opened. Allen Young and Brent Howell, senior vice presidents with CB Richard Ellis Inc., are exclusive marketing agents for the Galleria. Westfield Gets Game It looks like makeover plans at Westfield’s Shoppingtown at Woodland Hills Promenade are back on track. The shopping center owners inked two deals that will effectively fill the space left vacant when a lease with entertainment center Jillian’s failed to materialize. Chick’s Sporting Goods, a family-owned retailer with eight stores in Southern California, has signed a lease for 49,000 square feet of space in the complex. The 51-year-old company, with sales of $73 million, is an upscale retailer that focuses on name-brand apparel like Tommy Bahama and Quicksilver, team sports wear and licensed products, along with ski, snowboarding and other sports equipment. Owner Jim Chick said he chose the location because of the mix of tenants at the center. Westfield also signed Total Woman Day Spa and Gym. The company will open a 13,000-square-foot facility at the shopping center. Staff reporter Shelly Garcia can be reached at (818) 676-1750, ext. 14, or by e-mail at [email protected].