Majestic Asset JV Nabs 2 LA-Area Office Buildings

By Razvan Cimpean

Westlake Gardens in Westlake Village, Calif.

Johnson Group has teamed up with Majestic Asset Management to acquire Westlake Gardens, a 94,000-square-foot office property in Westlake Village, Calif. According to Yardi Matrix data, Equity Office Property Trust sold the asset for $23.3 million. Westlake Gardens was 94 percent occupied at the time of sale.

The two-building property, located at 2535 and 2555 Townsgate Road, was completed in phases in 1998 and 1999. Tenants at Westlake Gardens include Westlake Diagnostic Center, TEKsystems and California Solar Tech. The two-story buildings are situated next to Ventura Freeway and within walking distance of multiple bus stations, restaurants and hotels, including Casa Nostra Ristorante, Pookie’s Thai and Hyatt Regency.

NKF Capital Markets’ Managing Directors Sean Fulp and Robert Griffith negotiated the sale on behalf of the seller. Earlier this year, Fulp teamed up with Kevin Shannon and Brad Burton to broker the sale of a 133,000-square-foot Westlake Village office building located about three miles from Westlake Gardens.

“This sale demonstrates the continuing strength of the suburban office sale market throughout Southern California,” Griffith said in a prepared statement.

Image courtesy of Yardi Matrix