The property sits on 16.4 acres in the Conejo Valley.

THOUSAND OAKS, CA—Legacy Partners has acquired the Arbors, a 275,329-square-foot office campus from Principal Real Estate Investors, GlobeSt.com reports in this exclusive story. Although the purchase price of the transaction was undisclosed, industry sources unrelated to the deal estimate the property traded hands for $50 million.

The four-building property sits on 16.4 acres. The buildings, labeled A through D, range in size from 61,242 square feet to 71,250 square feet. The campus features an amphitheater and landscaped “park-like” grounds. The property is 88% leased, providing an income stream that will produce a strong yield during the buyer’s stabilization period. CBRE’s Kevin Shannon, Tom Bohlinger and Michael Longo represented the seller in the transaction.

Additionally, the property is approved to operate as a condominium. Should Legacy Partners choose, it could sell off each of the individual buildings. The brokers did not respond to a request for additional comments before the publication of this story.

Several sectors in the Conejo Valley market are gaining momentum. A panel of industry experts earlier this year predicted that the submarket would see increased retail development, decreased office vacancy rates and an increase in industrial asset values. Recently, GlobeSt.com has reported several stories that exemplify these trends, including the sale of a five-building, 238,943-square-foot office campus, purchased by Investco Real Estate, and the sale of an eight-acre industrial site, purchased by Conejo Merchant Ltd.