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Newmark Capital Markets has completed the $23 million sale of Conejo Corporate Campus, 198,478-square-foot office property in Thousand Oaks, CA. Sage Publications, Inc. occupies 50 percent of the property, which is 56 percent occupied.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Managing Director Scott Schumacher and Executive Managing Director Ken White represented the seller, Cusumano Real Estate Group. The buyer, a joint venture of Harbor Associates and Blue Vista Capital Management, was self-represented.
“The project has a great anchor tenant with Sage and also provides terrific upside for the new ownership via lease-up of the remaining large block of space,” said Shannon. “The Conejo Valley office market offers a superb quality of life with ample and proximate executive housing, safe neighborhoods, great school systems and strong demographics. The market’s recent leasing velocity had been sluggish but the long-term prospects for the market are excellent given its major barriers to entry story. Their are essentially no more office entitlements here.”
Built in 2001, the two-building property is located at 2380-2400 Conejo Spectrum Drive and is situated on 11.36 acres. Each two-story building features extensive glass lines, large floor plates, and high-end interior finishes.
The project is less than two miles to the 101 freeway, 55 minutes from LAX and 30 minutes from Malibu.
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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