Kilroy Realty Receives $18M for Office Asset
Majestic Asset Management is the new owner of the roughly 84,000-square-foot, three-story building in Thousand Oaks, Calif., which underwent major renovations in 2011.
2829 Townsgate Road. Image courtesy of Yardi Matrix
Kilroy Realty Corp. has sold 2829 Townsgate Road, an 84,098-square-foot office building in the Thousand Oaks submarket of Los Angeles. Majestic Asset Management purchased the property for $18.3 million, according to Yardi Matrix data. The previous owner acquired the asset from Pacifica Real Estate Group in 1997 for $13 million.
Located at 2829 Townsgate Road in Westlake Village, Calif., the office building is adjacent to the interchange of Ventura Freeway and South Westlake Boulevard, within 2 miles of downtown Thousand Oaks. The asset is within walking distance of several dining establishments and Westlake Paza Center East.
The single-building, three-story asset has several tenants in place, such as Wells Fargo, LTC Properties and Schidermeyer & Associates. At the time of the sale, the structure had a 19.5 percent vacancy rate. Built in 1990 and completely renovated in 2011, the building’s prior name was Westlake Plaza Center II.
Earlier this year, Kilroy Realty sold Calabasas Park Centre for $78.2 million. The Class A, three-building, 225,340-square-foot office campus is in Calabasas, Calif., roughly 15 miles from 2829 Townsgate Road.
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