Joint Venture Pays $29.7 Million for Agoura Hills Office Campus

Agoura Hills Business Park has sold in an off-market transaction for $29.7 million.

Harbor Associates and Gemdale USA acquired the 113,991-square-foot office campus  from an undisclosed private seller.

Built in 1987, property in Agoura Hills fronts the 101 freeway at 30401-30501 Agoura Road.  The 6-acre campus consists of a pair of two-story office buildings around a central plaza with surface parking for 193 vehicles.

Harbor will continue as operating partner in the new joint venture with Gemdale USA as the two firms see a continuation of life science expansion in the Conejo Valley, according to Gemdale Executive Director and Head of Acquisitions Tim Nguyen.

“A portion of the property has been successfully converted into lab space, which plays well into our bullish view on the growing life science demand in this emerging submarket,” said Nguyen in a statement.  “Despite the Covid-19 headwinds, Harbor has increased occupancy to 94 percent  by attracting the life science groups who have been actively expanding in the Conejo Valley.”  

“We are optimistic about exploring how together with Gemdale we can further unlock the property’s full potential,” added Harbor Principal Rich McEvoy.

Matt Heyn and Caitlin Hoffman of CBRE will lease the property on behalf of Gemdale USA and Harbor, while Andrew Harper, Will Poulsen, Matt McRoskey, and Chad Solomon of Jones Lang LaSalle represented the seller in the transaction.