A cosmetics distribution company sold its Westlake Village headquarters in a leaseback deal will allow it to remain in the location. The buyer plans to redevelop the remaining space into a self storage complex.
Jafra Cosmetics International unloaded the 126,238-square-foot office and industrial property for $28.2 million or $223 per square foot, it said in a statement.
The buyer was PS Southern California One Inc. NAI Capital represented both sides in the transaction.
Jafra Cosmetics will maintain its headquarters by leasing back approximately 46,000 square feet of office space at the two-story building at 2451 Townsgate Road. It spans 9.6 acres at the border of Westlake Village and Thousand Oaks.
Jafra, a privately-held company that utilizes a direct sales model similar to Avon and Mary Kay, has owned the property since 1988, according to property records. It plans to reinvest proceeds from the sale into the business.
The new owner said it will develop the remaining portion of the property, built in 1978, for a self storage facility. Demand for that sector is strong, said Chris Jackson of NAI Capital. In Los Angeles, so too is demand for industrial. It has been one of the best performers in commercial real estate in the Los Angeles area. By the end of last year, tenants in the Inland Empire region signed 20 of the top 100 industrial leases in the country, totaling 18.98 million square feet. The market has remained active in 2019.