Institutional Property Advisors Brokers Two-Building Suburban Los Angeles Office Asset Sale
AGOURA HILLS, Calif., Sept. 20, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Platinum Court, a 100,081-square-foot, two-building suburban office center located in Agoura Hills, California. The property sold for $18.5 million, which equates to $184.85 per square foot.
“Both buildings are highly desirable, boutique offices that are well suited for the current office workplace environment by their suburban location, multiple entry points and lobbies with elevators for private suite access,” said Ben Tashakorian, IPA executive director. Tashakorian and James DeBuiser, Gary Cohen, and Ali Valiahdi of Marcus & Millichap represented the seller, MAK Management LLC, and procured the buyer, LIA Associates LLC. “The property is supported by the exceptional demographics of Agoura Hills, which is home to a population of 21,000, 60.5% of whom have a bachelor’s degree or higher and the average household income exceeds $183,000 per year,” noted DeBuiser.
Located 35 miles northwest of Downtown Los Angeles, Platinum Court benefits from easy access and exposure to 166,000 cars per day on U.S. Highway 101. Built in 1990 and 2007, the offices are finished with upgraded wood floors, glass panels, and LED lights. The average suite size is 2,140 square feet and occupancy has historically been 95%.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com