An Agoura Hills, California, property sale shows interest in properties located in smaller submarkets still exists, especially for newer assets with modern amenities.
A property located at 30440 Agoura Road changed hands on June 5th for $9,750,000, or roughly $438 per square foot. The sale involved the Conrad N. Hilton Foundation as the seller and an entity associated with Donald R. Henthorn, the founder of BendPak, an automotive lift company based in Santa Paula, Calif., as the buyer. This Class A office building is roughly 22,256 square feet, and this transaction marks the first time the property has been sold. The building was developed by the Conrad N. Hilton Foundation in 2012 along the picturesque foothills of the Santa Monica Mountains.
The transaction marks a new watermark for the property, which was acquired below replacement cost, according to some estimates. According to public documents, the property’s last assessment figure was nearly $17.8 million, of which $14.5 million was assigned to the building and another $3.3 million to the value of the land.
The two-story building holds a LEED Platinum certification, awarded by the U.S. Green Building Council, which is the highest level of certification from the organization. The property features contemporary architecture and modern infrastructure inside a state-of-the-art facility with a building layout designed to cater to the evolving needs of businesses.
Located in the Conejo Valley submarket and nestled against the backdrop of the Santa Monica Mountains, the office building enjoys a serene setting in the midst of a naturally beautiful setting.
The property’s amenities include covered parking spaces equipped with power charging stations. The parking lot is nearly fully covered by photovoltaics, providing energy production capabilities for the owners.
The asset is close to a major transportation artery that serves Malibu, Pacific Coast Highway (PCH), and West Los Angeles. This strategic location facilitates convenient commuting for employees and enables businesses to tap into a broader customer base.
