March 28, 2022 9:00 AM
Newmark announces it has arranged the $27 million sale of 2829 Townsgate, a multi-tenant office building located at 2829 Townsgate Road in Westlake Village, California.
Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairman Sean Fulp, and Managing Directors Ryan Plummer and Mark Schuessler represented the seller, Majestic Asset Management. The buyer is California Commercial Investment Companies.
“The property’s diverse 10 tenant rent roll provides a security blanket for the buyer,” said Fulp. “Additionally, 40% of the building is backed by Wells Fargo’s investment grade credit.”
The 88,334-square-foot office building is located directly across from Westlake Plaza Shopping Center, which is home to a myriad of retail businesses ranging from grocery stores to designer clothing and world class restaurants. Westlake Village is in the epicenter of the fast growing Conejo Valley housing market, which has seen a major increase in home sales volume, according to Newmark Research.
The Conejo Valley office market is characterized by its affluent and well-educated labor pool and proximity to abundant executive and workforce housing. The business environment has emerged as one of Southern California’s premier finance, technology, research, service and light manufacturing centers.
 Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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