April 7, 2020
A venture between Colony Capital, Inc. and SteelWave divested a 158,885-square-foot office campus in Thousand Oaks for $21.56 million to TriStar Realty Group. The asset at 225 W. Hillcrest Dr. is 74% leased to Bank of America until December 2020.
Built in 1983 and renovated in 2007, the Class A, five-story property was originally built for Exxon’s regional corporate headquarters. The new ownership, which has over 30 years of experience in ground-up medical, build-to-suit and retail development, is planning to extensively renovate the campus to appeal to medical office users.
CBRE’s John LaSpada represented the buyer. NKF’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, Sean Fulp, Ryan Plummer and Mark Schuessler advised the seller.
Stumm says, “This asset presents value-add capital and the unique opportunity to reposition the entire building. 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.”
For comments, questions or concerns, please contact Dennis Kaiser