A four-building campus in Westlake Village, renovated into creative office space, recently sold for $18.25 million, according to the sellers, Van Nuys property firm Majestic Asset Management Inc. and JS/JS Properties Inc. in Canoga Park. The buyer was L.A. real estate investor named Kids from the Valley XIV.
The two companies bought the property in December 2014 for about $13 million, according to CoStar Group Inc.
The 5.3-acre property at 2637 to 2649 Townsgate Road was rebranded as the Tech Park @ Townsgate after the former owners spent $1.7 million renovating the traditional office and industrial park campus, formerly the Townsgate Business Park, to a creative office/tech/industrial space. Renovations of the 74,000-square-foot complex included opening up the floor plans, painting the exterior, creating common outdoor areas and installing low-water using landscaping.
The park was 5 percent vacant when the off-market deal recently closed, according to Ron Feder of Keller Williams Calabasas Real Estate, who negotiated the deal on behalf of Kids from the Valley. Two units are available for lease, he said.
“It’s a very challenging buyers’ market because of the lack of inventory,” Feder said, referencing creative office space. “It was an opportunity to pick up a repositioned asset in a strong market with low vacancies. We’re going to be pushing rents up.”
Feder said the buyer also bought a Simi Valley property for $11.5 million earlier this month, a 120,000-square-foot studio and office space at 101 W. Cochran Street. The building, owned by Adventist Media Center, had been previously occupied by the church organization which has since vacated the property.
The building included two television studios, sound booths and recording and editing bays, said Feder, who represented Kids from the Valley on that deal also.