The 103,719-sf development stands at 195-325 E. Hillcrest Drive. It's known by local brokers as Thousand Oaks Financial Plaza.
The development was purchased by IPX Inc., a private investment group based in Santa Barbara. The office complex was sold by Pacifica Thousand Oaks LLC, another Southland-based real estate investor.
A Grubb & Ellis team of Kevin Shannon and Tom Festa represented Pacifica Thousand Oaks in the transaction. Michael Slater of CB Richard Ellis represented IPX.
The Thousand Oaks market and other parts of the Tech Corridor have seen a rash of real estate sales recently. While some sellers in the area say the local market may be topping, they so far have been met with an equal number of buyers who believe the area's strong base of biotechnology tenants will boost leasing activity and property prices in 2002.
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