Agoura Hills Business Park has sold in an off-market transaction for $29.7 million.
Harbor Associates and Gemdale USA acquired the 113,991-square-foot office campus from an undisclosed private seller.
Built in 1987, property in Agoura Hills fronts the 101 freeway at 30401-30501 Agoura Road. The 6-acre campus consists of a pair of two-story office buildings around a central plaza with surface parking for 193 vehicles.
Harbor will continue as operating partner in the new joint venture with Gemdale USA as the two firms see a continuation of life science expansion in the Conejo Valley, according to Gemdale Executive Director and Head of Acquisitions Tim Nguyen.
“A portion of the property has been successfully converted into lab space, which plays well into our bullish view on the growing life science demand in this emerging submarket,” said Nguyen in a statement. “Despite the Covid-19 headwinds, Harbor has increased occupancy to 94 percent by attracting the life science groups.”
“We are optimistic about exploring how together with Gemdale we can further unlock the property’s full potential,” added Harbor Principal Rich McEvoy.
The business park’s address on the eastern edge of the Conejo Valley makes it an ideal location for life science tenants given similar companies in Westlake Village and Thousand Oaks. The Conejo Valley is home to Amgen Inc., Baxter and Takeda Pharmaceuticals.
“As our planned second value-add fund is focused on niche office conversion, including the life science sector, this asset is of particular interest,” said Lisa Colacurcio, managing director at Gemdale USA.