Conejo Valley Site Yields $27 Million

Newmark announced a pair of sales in the San Fernando Valley office sector that the brokerage has transacted. 

In Westlake Village, there was the $27 million sale of 2829 Townsgate, a multi-tenant office building located at 2829 Townsgate Road.

Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairman Sean Fulp, and Managing Directors Ryan Plummer and Mark Schuessler represented the seller, Majestic Asset Management. The buyer is California Commercial Investment Cos.

“The property’s diverse 10 tenant rent roll provides a security blanket for the buyer,” said Fulp. “Additionally, 40 percent of the building is backed by Wells Fargo’s investment grade credit.”

The 88,334- square-foot office building is located directly across from Westlake Plaza Shopping Center, which is home to retail businesses ranging from grocery stores to apparel to restaurants. 

Westlake Village is in the epicenter of the fast-growing Conejo Valley housing market, which has seen a major increase in home sales volume, according to Newmark Research. 

The Conejo Valley office market is characterized by its affluent and well-educated labor pool and proximity to abundant executive and workforce housing. The business environment has emerged as one of Southern California’s premier finance, technology, life science research and development, service and light manufacturing centers.

Newmark also arranged the $15 million sale of 19900 Plummer, a single tenant office building at 19900 Plummer St. in Chatsworth.

Newmark Managing Director Plummer, Director Andrey Mindirgasov, Vice Chairman Fulp, Managing Director Schuessler and Director Chris Smith facilitated the off-market transaction between the seller, Korda Group and buyer, Rexford Industrial Realty.

“The single tenant, net leased asset is situated on 3.82 AC of industrial-zoned land, creating optionality for various strategies in a dynamic market,” Plummer said. “It has been a long-time goal to sell a property on Plummer Street in Los Angeles and both parties’ flawless performance made it all the more enjoyable in this off-market transaction.”

The 43,472-square-foot building is 100 percent leased to Campbellsville University, a nonprofit educator offering a masters of marriage and family therapy program.

Mindirgasov added: “The Chatsworth industrial and office markets remain incredibly tight.”