Newmark Capital Markets has completed the $47 million sale of The Arbors, a newly renovated, 275,481-square-foot, four-building office campus in Thousand Oaks, CA. The asset is 71 percent occupied by three tenants including Skyworks Solutions, Frontier Communications and ZS Associates.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, Managing Directors Laura Stumm and Michael Moll and Executive Managing Director Ken White represented the seller, SteelWave. The buyer, Felton Properties, was self-represented. Newmark Capital Markets also arranged for the financing.
Built in phases from 1984 to 2007 and renovated in 2017, The Arbors is situated on 16.4 acres at 649 Lawrence Drive, 2535-2545 Hillcrest Drive and 2560 Teller Road, and is within the growing Conejo Valley submarket. The recent renovation and repositioning program executed by the seller was valued at approximately $7 million. The transformation included common area upgrades, an amenity area with a bocce ball court, fire pit, seating areas, a built-in BBQ, as well as upgraded lobbies, corridors, and other common areas.
“The Arbors has all the features creative office users are seeking for their workforce, making it one of the premier office environments in the Conejo Valley,” said Shannon. “With the renovation work done, the buyer now has a turn-key asset and huge opportunity to add value through lease-up of the remaining space.”
Stumm added that the project also offers tremendous optionality with the four buildings on four separate parcels.
Located adjacent to the 101 freeway, which sees approximately 150,000 vehicles on a daily basis, The Arbors provides easy access and excellent visibility and building signage. It is also just 25 minutes from the Burbank Airport and 40 minutes from LAX.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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