Located at 4360 Park Terrace Drive, the structure is part of the master-planned Westlake Spectrum Office Park development.
The building was approximately 40 percent leased at the close of escrow. The new owner, a private investor that occupies a portion of the building, intends to lease up the remaining vacancies and hold onto the asset as a long-term investment. According to CoStar, leases for two of the building’s larger tenants — Caldera Medical Inc. with 22,297 square feet and Energy Vault with 12,839 — commence this month. A third tenant is already locked in through 2027.
Built in 1989, the two-story edifice is situated within the 101 freeway corridor and is surrounded by corporate neighbors and retail amenities including the Shoppes at Westlake Village, Westlake Plaza & Center, Westlake Village Marketplace, Four Seasons Hotel, Westlake Golf Course and Sherwood Country Club.
Executive Managing Director Michael Schiff with NAI Capital Commercial’s Investment Services Group negotiated the building purchase on behalf of the buyer. Seller Westlake Partners represented itself.
“This was an excellent opportunity for my client to buy a well-located investment property at a great price which was discounted due to its large vacancy factor,” Schiff said in a statement. “With Westlake Village consistently outpacing the rest of the Conejo Valley and Ventura County office markets in both rents and occupancy, this will be an outstanding long-term investment.”
Recent comparable deals in the local office submarket include the $18.3 million purchase of 84,000-square-foot 2829 Townsgate Road – called Westlake Plaza Centre 2 — last June; and the $14 million sale of 5023 N. Parkway Calabasas in Calabasas, which spans 27,816 square feet that same month.