Amstar Advisers LLC, a Denver-based real estate investment manager, announced this week that it had sold 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 $98.025 million, or about $410 per square foot. Amstar, in partnership with The Travelers Companies, Inc. and Searles Property Group, delivered the 5 buildings in Phase I in December 2008 with Phase II expected to be delivered in early 2015. Atlanta-based Invesco Real Estate acquired the office campus with in-house representation, while Kevin Shannon, Ken White, Tom Bohlinger, Brad Burton and Mike Longo of CBRE represented the sellers.
"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.
The office campus totals 238,943 square feet across five buildings standing one to four stories tall, according to a CoStar report. Westlake Park Place was 97% leased at the time of sale with Mike Foxworthy and Tom Festa, DAUM Commercial Real Estate Services, leasing the project for the ownership group. The first building in Phase II, four stories totaling 102,000 square feet, is 80% preleased.
For more news and information visit Blumberg Capital Partners.
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