TriStar Realty Group has acquired a 158,885-square-foot office campus located at 225 W. Hillcrest Drive in Thousand Oaks, Calif., for $21.56 million.
The seller was a venture between Colony Capital and SteelWave.
“This asset presents value-add capital and the unique opportunity to reposition the entire building,” said Laura Stumm of Newmark Knight Frank (NKF), which represented the seller. “225 W. Hillcrest Drive’s underutilized 14.7-acre site provides the investor with significant optionality to enhance parking and the site overall, at a relatively attractive price per square foot.”
Built in 1983 and renovated in 2007, the class A, five-story property was originally built for Exxon’s regional corporate headquarters. The building features flexible floorplates ranging in size from 20,000 to 48,000 square feet, a courtyard and ample parking. It is less than a mile from three primary retail centers — The Oaks Mall, Janss Marketplace and The Lakes at T
