A multi-tenant office building located in Westlake Village has sold for $27 million.
Located at 2829 Townsgate Road, the 88,334-square-foot office building is directly across from Westlake Plaza Shopping Center, which is home to retailers ranging from grocery stores to designer clothing and restaurants.
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.
Westlake Village is in the epicenter of the Conejo Valley housing market, which has seen a major increase in home sales volume, according to Newmark Research.
“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.”