Malibu Canyon Corporate Center sold

OFF THE MARKET—The Malibu Canyon Corporate Center on Agoura Road recently was sold for approximately $90 million, the second largest single office sale in the Conejo Valley in 2006. The property houses seven buildings. On a parcel adjacent to the complex a 50,000-square-foot office building is planned for construction.

Jeff Johnston, president of the Johnston Group, announced the recent sale of its Calabasas complex, Malibu Canyon Corporate Center, to the Lincoln Property Company. The sevenbuilding, 321,000

square-foot office park on Agoura Road, which sold for approximately $90 million, represents the second largest single office sale in the Conejo Valley this year.

The sale included land adjacent to the park for which there

are plans for an additional 50,000squarefoot Class A office building to be built.

Built by the Johnston Group beginning in 1985, the office park was 98 percent occupied at the time of the sale. The complex includes a freeway orientation, surface and subterranean parking, a park-like setting, water features, an on-site gym and a café.

The CB Richard Ellis office team, comprised of Michael Slater, Tom Dwyer and Jennifer Rice were joined by CBRE associates Tom Bohlinger and Kevin Shannon in brokering the sale.

The Slater, Dwyer and Rice team will also handle leasing at the Malibu Canyon Corporate Center.

The Johnston Group, a 40year-old real estate investment firm, owns three other large office complexes in the Conejo Valley and has plans to continue seeking opportunities for acquisition in the area.