An office building, offering research and development space, is on the market in Agoura Hills Calif.. The 118,864 square-foot Conejo Valley property is being listed by Lee & Associates, with guidance set at $22.98 million, or approximately $193 per square foot.
The two-story building is located at 30601 Agoura Road on more than 6.5 acres of land. Built in 1987, the property is currently owned by Woodland Hills-based Adler Realty Investments, property records show. The company acquired the property in 2008 for $18.42 million. Since it was acquired, the building has undergone $772,328 worth of renovations, including roof upgrades and various energy efficiency projects.
“30601 Agoura Road captures what businesses and tenants look for in today’s office market place, a productive workplace environment with emphasis on light and space, loading doors, freight/shipping area and infrastructure conducive for lab/R&D uses,” the listing states.
The property is currently occupied by Zebra Technologies and Regents of the University of California – UCLA. With in-place leases until September of 2029, current net operating income totals $768,543.
Additionally, the property is immediately adjacent to a solar energy plant, which is also owned by Adler Realty Investments. According to Lee & Associates, the solar energy plant is a 924,300 DC Watt system, which is sized to provide 75 percent of the needed electricity to the property. The solar plant is also for sale by owner, with a $2.3 million asking price.
“The new owner of the power plant will also possibly benefit from accelerated depreciation. Upon sale, the buyer would have the opportunity to take over the solar plant operations and control the cost of solar power supplied to the building. The purchase of the solar energy plant offers annual cost savings of approximately $220,000. Transfer of ownership of the solar plant would be available in 2023,” the offering document states.
Located just off Interstate 101, nearby traffic equates to around 172,000 vehicles per day. The property is also situated with views of the Santa Monica Mountains and in close proximity to a mix of hotels, shopping and dining.
The property also benefits from the area’s growing demographics. According to Lee & Associates, the area is continuing to grow. Currently, the five-mile radius surrounding the property is home to 84,610 people and is projected to grow to 85,690 by 2025. In addition, the median household income is approximately $118,806 per year.
Lee & Associates was unable to comment at this time.