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LOS ANGELES-As companies continue to vie over limited office space in the LA area, an investment group has snatched up an office building and surrounding property in the Conejo Valley suburb of Thousand Oaks for $24 million.

pThe 156,696-sf Legacy Oaks Corporate Center stands on a 12.5-acre site at 225 West Hillcrest Dr., just north of the Ventura Freeway. Built in 1983, the five-story building is 97% leased. The facility was renovated in 1998 and now houses fiber-optic communication lines and new common areas.

The South Bay and North LA offices of Grubb & Ellis represented the buyer, Woodland Hills-based Adler Realty Advisors Inc., which acquired the property on behalf of an investment group. The same offices represented the seller, Legacy Partners Commercial in Orange County.

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