LOS ANGELES – December 27, 2017 – Abington Emerson Investments, LLC acquired Townsgate Office Center, a premier office building in Westlake Village, California. The two story, multi-tenant property is located in the heart of the affluent community of Westlake Village and adjacent to the US 101 Ventura Freeway, offering outstanding exposure and access to the nearby major retail amenities and hotels. This 2002-constructed, ±60,478 SF office building is situated near major retailers that, among others, include Costco, Staples, Albertsons and Target. It is also in close proximity to the Marriott Residence Inn and the Four Seasons Hotel Westlake Village.
Townsgate was acquired at a very attractive cap rate and is currently 70% occupied by two tenants, offering a unique value-add opportunity in a highly desirable market.
“We’ve been looking to grow our value-add portfolio in California for some time now and are very excited about adding Townsgate to our list of properties,” commented Omid Shokoufandeh, senior analyst at Abington Emerson.
See recent news articles regarding the acquisition below: