Not even Agoura Hills in L.A.’s Conjeo Valley is safe from the creative office conversion craze, if a recent sale is any indication.
Developer Majestic Asset Management Inc. and its partner JS/JS Properties bought the Canwood Business Park for almost $21 million. The buyers paid $175 a square foot for the 120,000-square-foot office and industrial site at 5126-5155 Clareton Drive to the seller, local firm Johnston Group. The per-square-foot price is comparable to other sales over the past year in the area.
Majestic plans to reposition the park into a creative office campus, and will rename it “Tech Park @ Canwood.” While it’s far from L.A.’s tech epicenter — 34 miles from Playa Vista, to be specific — it is in walking distance to Trader Joe’s, so there’s that.
Compared to $5 a square foot a month rents on the tech-friendly Westside, rents in the Conejo Valley are low. They averaged $2.19 in the fourth quarter, according to a report by Colliers International.
The property is 87 percent leased. The largest of its 34 tenants are Motor Vehicle Software, Berg Electric and Delphi.
CBRE’s Troy Pollet, Matthew Heyn and David Solomon represented the buyers. The seller was represented in-house by Steve Morse of the Johnston Group.
This is Majestic Asset Management’s second major purchase in the Valley. Last year, it filed plans for a large mixed-use complex at 5955 North De Soto Avenue, an almost 3-acre property in Warner Center. The plans for that project come in two phases. The first would build a seven-story, 170-unit apartment building and roughly 5,700 square feet of ground-floor commercial space. The second phase would be 19-story office building with 166,000 square feet of office and 9,900 square feet of ground-level retail on a site Majestic acquired for $9.4 million in 2014.