11:00 AM
Newmark announces the sale of Westlake Plaza Centre 2, an 84,098-square-foot office building located at 2829 Townsgate Road in Westlake Village.
Newmark Executive Managing Director Sean Fulp, Managing Director Ryan Plummer and Director Mark Schuessler represented the owner Kilroy Realty Corporation in the $18.25 million sale to Majestic Asset Management and The Johnston Group, which are both real estate investment and property management companies that focus on repositioning income properties.
The property was built in 1990 and is situated on 1.18 acres in the three-building Westlake Plaza Centre office park. 2829 Townsgate Road is located adjacent to the 101 Ventura Freeway in the heart of Westlake Village. It’s surrounded by numerous retail and hospitality amenities such as Gelson’s Market, Mendocino Farms and Hyatt Regency Westlake, making it a highly desirable Conejo Valley office location as demonstrated by the property’s quality tenancy.
“This deal may have been on the smaller side for most institutional investors but it was as complicated as any institutional deal,” said The Johnston Group President Jeff Johnston. “Once again, Newmark’s Private Capital Group brought a fresh approach and a sophisticated set of capabilities to the transaction.”
This transaction marks Newmark’s second sale in the past 18 months on Townsgate Road. In February 2018, Newmark completed a $23.3 million office disposition for The Blackstone Group at 2535-2555 Townsgate Road to Majestic Asset Management and The Johnston Group.
“Majestic Asset Management and The Johnston Group have proven to be great partners. Each company has different strengths but together they set themselves apart from their competitors with their property, market and financing knowledge,” Fulp said.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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