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VALLEY AND VENTURA COUNTY BUSINESS | VENTURA COUNTY
REVIEW / LEO SMITH

Pacifica Real Estate Buys Townsgate Office Building

March 25, 1997|LEO SMITH | TIMES STAFF WRITER

In late 1994, the Santa Barbara-based Pacifica Real Estate Group purchased the Westlake Plaza Center II business complex. It was the investment and management firm's first venture into the Westlake Village commercial real estate market, but it would by no means be its last.

Since that time, Pacifica Real Estate has purchased five additional office complexes, all centered around the Westlake Boulevard area.

The latest addition to the family is the recently acquired Townsgate Executive Building, a 64,000-square-foot office complex on Townsgate Road. The purchase price was not disclosed.

"It is within a three-block oval starting with Thousand Oaks Boulevard at Westlake Boulevard to Hampshire and Westlake that we feel is probably the red spot in the bull's-eye in Conejo Valley real estate," said David Brown, executive vice president of Pacifica Real Estate. "It's a great area, there's no doubt about that."

Brown said the company intends to upgrade the Townsgate building by adding an elevator and modernizing the public areas. The complex is currently more than 90% filled.

"For real estate investors, this is one of those unique situations when you get into a market and have the good fortune to acquire as many strategic assets as we did," Brown said. "Our goal is to continue to acquire in that area provided that they meet our standards."

Mike Slater of CB Commercial Real Estate Group of Ventura represented the previous owner of the Townsgate Executive Building, longtime Westlake Village resident Bob Musgrove, in the transaction.

"Pacifica has a real stronghold in Westlake Village," Slater said. "The next frontier is really Westlake Village."

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