Thousand Oaks, CA (PRWEB) January 15, 2014
Amstar announced today the sale of the first phase of Westlake Park Place, a 5-building 239,000 square foot premier Class A office campus located in Thousand Oaks, California for an undisclosed amount. CBRE handled the sale for the ownership group. Amstar, in partnership with The Travelers Companies, Inc. and Searles Property Group, delivered the 5 buildings in Phase I in December 2008 and stabilized the project in 2013.
“Our ability to lease this project at the highest rates in the submarket during a recessionary time period speaks to the fact that it is the best-in- class office project in all of Ventura County and the Conejo Valley. We believe it provides an exceptionally high-quality, low-risk investment opportunity,” said Amstar Managing Director, Kim Sperry.
Westlake Park Place is 97% leased and has attracted some of the region’s highest quality tenants. The Property, located at 2915, 2931, 2945, 3011, and 3027 Townsgate Road, provides tenants with advantageous image and brand enhancement as evidenced by its outstanding tenant roster. The property features timeless architecture with elegant lobbies and common areas, a 4/1000 parking ratio, and private balconies.
Westlake Village has strong barriers to entry resulting in severe supply constraints. With the exception of the Property’s Phase II site (not included in the sale), virtually no entitled development sites for new office projects exist in Westlake Village or Thousand Oaks, and less than 260,000 sf is entitled for office development in the entire Conejo Valley.
Mike Foxworthy and Tom Festa, DAUM Commercial Real Estate Services, lease the project for the ownership group. “Westlake Park Place truly elevated corporate life in the Conejo Valley which has been the goal of the project from the onset. It has been a true honor representing the outstanding ownership team during the entire leasing of this upscale corporate headquarters development in addition to working with sophisticated international, national, and local tenants,” stated Foxworthy and Festa.
Phase II of the project broke ground in November 2013 and will feature three buildings totaling 223,000 square feet. The first building in Phase II, four stories totaling 102,000 square feet, is 80% preleased, and is expected to be delivered in early 2015.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate investment manager that acquires, develops and manages office, multifamily, retail, hotel and industrial properties in select U.S. and international markets. Originally formed to invest and manage the real estate allocation of a large family office client, Amstar began expanding its capital strategy nearly a decade ago and has grown to more than $2.5 billion in assets under management (as of June 30, 2013). Today, Amstar is proud to provide a high degree of focus and attention to its client relationships, counting among them leaders in the private and institutional investment community. Amstar’s clients originate from across the globe and include U.S. and European institutions, insurance companies, private banks, funds of funds, and other family offices.
The Travelers Companies, Inc. is a leading provider of property casualty insurance for auto, home and business.