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Saturday, Dec 2, 2023

Simi Developer Buys Westlake Village Office for $9 Million

A Westlake Village office building has sold for $9 million, according to L.A.-based commercial real estate brokerage CBRE Group Inc. Simi Valley developer Scheu Development bought the three-story, 37,100-square-foot building at 4580 E. Thousand Oaks Blvd. in the North Ranch Corporate Center. The structure was built in 2004. CBRE’s Michael Slater, Tom Dwyer, Mark Perry and Carlene O’Neil brokered the deal on behalf of the seller, which wasn’t disclosed, while Mike Foxworthy from Daum Commercial Real Estate Services represented Scheu, according to CBRE. Scheu owns four other buildings in the office park and bought the building as a complement. It plans to reposition the property, said President Mark Scheu, in a statement. “Office space is in high-demand in the greater Los Angeles area, especially for properties such as North Ranch Corporate Center, due to its proximity to the (101) freeway and an amenity-rich campus,” Slater said in the statement.

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