Harbor Associates and Gemdale USA, in a $29.7 million off-market transaction, have acquired Agoura Hills Business Park, a 113,991-square-foot office campus located in the Los Angeles submarket of Agoura Hills.
The acquisition represents a recapitalization of the suburban office property, originally acquired by Harbor Associates in January 2020 in joint venture with a Kansas City–based real estate investment firm, which exits the investment after meeting its business plan. Harbor will continue as operating partner in the new joint venture with Gemdale USA as the two firms see a continuation of the rising tide of life science expansion in the Conejo Valley, according to Tim Nguyen, Gemdale executive director and head of acquisitions.
“A portion of the property has been successfully converted into lab space, which plays well into our bullish view on the growing life science demand in this emerging submarket,” said Nguyen. “Despite the COVID-19 headwinds, Har
