{"id":1004572335,"date":"2022-03-17T13:02:50","date_gmt":"2022-03-17T21:02:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004572335"},"modified":"2022-12-08T18:41:27","modified_gmt":"2022-12-09T02:41:27","slug":"harbor-gemdale-jv-buys-30m-la-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/","title":{"rendered":"Harbor, Gemdale JV Buys $30M LA Office Campus"},"content":{"rendered":"
\"\"<\/a>

Agoura Hills Business Park. Image courtesy of Harbor Associates<\/p><\/div>\n

A joint venture between Harbor Associates<\/strong> and Gemdale USA<\/strong> has acquired Agoura Hills Business Park, a low-rise office campus in Agoura Hills, Calif., for $29.7 million, in an off-market transaction.<\/p>\n

The acquisition represents a recapitalization of the 113,991-square-foot property that Harbor Associates purchased for $22 million in January 2020 alongside its original joint venture partner, a Kansas City-based real estate investment firm, which now exits the investment after meeting its business plan.<\/p>\n

Built in 1987, the property features two two-story office buildings around a central plaza. The campus underwent a cosmetic renovation in 2004. A portion of the property, which covers 6 acres, has since been converted into lab space.<\/p>\n

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READ ALSO<\/strong>: Los Angeles Market Update: Office Sales and PSF Prices Partially Rebounded in 2021<\/a><\/p>\n

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Agoura Hills Business Park offers a total of 193 parking spaces, with a ratio of 3.8 spaces per 1,000 square feet. Tenants include IBM, Informa Research Services, Relation Insurance Services and Amplio. According to Tim Nguyen, Gemdale\u2019s Executive Director and Head of Acquisitions, Harbor has managed to increase the property’s occupancy to 94 percent, despite the COVID-19 headwinds, by attracting life science groups.<\/p>\n

Located at 30401-30501 Agoura Road, the property sits at the eastern edge of the Conejo Valley, which is home to Amgen and other major life science and biotech firms and start-ups. The office campus fronts Ventura Freeway, offering easy access into Los Angeles.<\/p>\n

Matt Heyn and Caitlin Hoffman of CBRE<\/strong> will lease the property on behalf of the joint venture. Andrew Harper, Will Poulsen, Matt McRoskey and Chad Solomon of JLL<\/strong> represented the seller in the transaction.<\/p>\n

Set on niche office conversion<\/h2>\n

Last month, Gemdale sold the 3.5-acre Hollywood Media Campus,<\/a> which is fully leased to Netflix, for $93 million. According to Lisa Colacurcio, Gemdale\u2019s managing director & head of fund management, the company\u2019s planned second value-add fund is focused on niche office conversion, which includes the life science sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

A portion of the property has been converted into life science space.<\/p>\n","protected":false},"author":3142,"featured_media":1004572336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[32789,48530,36306],"class_list":["post-1004572335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-gemdale-properties-investment-corporation","tag-harbor-associates"],"acf":[],"yoast_head":"\nHarbor, Gemdale JV Buys $30M LA Office Campus - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Harbor Associates and Gemdale USA bought the 113,991-square-foot Agoura Hills Business Park for $29.7 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harbor, Gemdale JV Buys $30M LA Office Campus\" \/>\n<meta property=\"og:description\" content=\"Harbor Associates and Gemdale USA bought the 113,991-square-foot Agoura Hills Business Park for $29.7 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-17T21:02:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:41:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Agoura-Hills-Business-Park.-Image-courtesy-of-Harbor-Associates-e1647515635367.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anda Rosu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/\",\"name\":\"Harbor, Gemdale JV Buys $30M LA Office Campus - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Agoura-Hills-Business-Park.-Image-courtesy-of-Harbor-Associates-e1647515635367.jpg\",\"datePublished\":\"2022-03-17T21:02:50+00:00\",\"dateModified\":\"2022-12-09T02:41:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9ddda76c3d540297067f1385ee79340d\"},\"description\":\"Harbor Associates and Gemdale USA bought the 113,991-square-foot Agoura Hills Business Park for $29.7 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/harbor-gemdale-jv-buys-30m-la-office-campus\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Agoura-Hills-Business-Park.-Image-courtesy-of-Harbor-Associates-e1647515635367.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/03\/Agoura-Hills-Business-Park.-Image-courtesy-of-Harbor-Associates-e1647515635367.jpg\",\"width\":800,\"height\":600,\"caption\":\"Agoura Hills Business Park. 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