Harbor Associates Acquires Property From Cusumano Real Estate Group For $22.9 Million
2400 Conejo Spectrum St, Thousand...
$22,900,000
$115/SF
Building Size
198,500 SF
Asset Type
Office
Closing
Feb 19, 2018
About this deal
AI
The property asset involved in the transaction is the Conejo Corporate Campus located at 2400 Conejo Spectrum St, Thousand Oaks. The campus spans 198,500 square feet and sold for $22,900,000.00.
Summary of transaction details:
- Property Type: Corporate Campus
- Transaction Amount: $22,900,000.00
- Address: 2400 Conejo Spectrum St, Thousand Oaks
- Square Footage: 198,500
- Seller: Cusumano Real Estate Group
- Buyer: Harbor Associates
- Seller's Representative: Kevin Shannon (Newmark)
- Additional Representative: Scott Schumacher (Newmark)
The deal was facilitated by Kevin Shannon and Scott Schumacher from Newmark Knight Frank, representing the seller, Cusumano Real Estate Group. Harbor Associates is a value-add investment firm that plans to renovate both properties purchased in this transaction. In addition to this acquisition, Harbor Associates manages $2.5 billion in assets across 3 million square feet of office space.
Players
Market Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93