A 158,885-square-foot office campus at 225 W. Hillcrest Drive in Thousand Oaks has sold for $21.6 million, according to brokerage Newmark Knight Frank.
NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm, along with NKF Private Capital Group’s Executive Managing Director Sean Fulp, Managing Director Ryan Plummer and Director Mark Schuessler, represented the seller, a venture between Colony Capital Inc. and SteelWave.
The buyer, TriStar Realty Group was represented by John La Sparda of CBRE’s Oxnard branch.
The asset is 74 percent leased to Bank of America until December. Bank of America, which occupies 115,570 square feet, employs roughly 175 people at the location and has been there since 2006.
The building, which sits on nearly 13 acres of land, was built in 1983 and went through a renovation in 2007.
“This asset presents value-add capital and the unique opportunity to reposition the entire building,” said Stumm in a statement. “225 W. Hillcrest Drive’s underutilized 14.7-acre site provides the investor with significant optionality to enhance parking and the site overall, at a relatively attractive price per square foot.”