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Two Buildings in Agoura Campus Prove Profitable

Majestic Asset Management Inc. in Van Nuys, which two years ago purchased Tech Park @ Canwood, has sold the remaining two of four buildings at the Agoura Hills campus for $17.7 million. The pair of structures total about 80,390 square feet of the 120,000-square-foot total. The buyer was an undisclosed private investor, according to the buyer’s broker, Ron Feder, managing director of KW Commercial Calabasas. “The buyer is an individual, who I sold the other two buildings to last year,” Feder told the Business Journal. “He owns several other properties in the area, and it was an opportunity to continue to fill his portfolio with good-quality assets.” The two buildings are at 5126 and 5142 Clareton Drive. Majestic paid $21 million for the campus three years ago. At the time, the complex was called Canwood Business Park. Majestic sold two of the buildings for $10.3 million in 2017, so together with the recent transaction realized $28 million, a gain of $7 million in three years. At the time of the sale, both properties were 100 percent occupied, according to Feder. Tenants at the fully leased buildings include P&K Architecture, Wespac Management Group, Delphi Property Management and Berg Electric. Majestic remodeled the property and rebranded it Tech Park @ Canwood. Majestic has made several big purchases in the region in recent months. In June, the company as a joint venture partner with the Johnston Group acquired Westlake Plaza Centre 2, an 84,098-square-foot office building at 2829 Townsgate Road in Westlake Village, for nearly $18.3 million. “This deal may have been on the smaller side for most institutional investors but it was as complicated as any institutional deal,” Johnston Group President Jeff Johnston said in a statement at the time, crediting Newmark Knight Frank’s Private Capital Group for making the transaction happen. In February 2018, Newmark Knight Frank completed a $23.3 million office disposition for the Blackstone Group at 2535-2555 Townsgate Road to Majestic and the Johnston Group. “Majestic Asset Management and the Johnston Group have proven to be great partners,” Newmark Knight Frank’s Sean Fulp said in a statement. “Each company has different strengths but together they set themselves apart from their competitors with their property, market and financing knowledge.”

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.
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