Multi-Million Dollar Deal in Agoura Hills

Nearon Enterprises and its Southern California partner, Mark Ossola, have purchased the 165,000-square-foot former Litton Information System Group campus at 29851 Agoura Road in Agoura Hills from Litton Systems Inc. Although the terms of the transaction were not disclosed, the property was originally listed for sale for $24 million. Ossola will be responsible for the redevelopment of the property. The 165,000-square-foot, Class-A constructed high-image facility is visible from the 101 Freeway. It consists of two office buildings, built in 1981, of 70,000 square feet and 95,000 square feet. The buildings are situated in a campus-like, gated environment on 17.5 acres of open land available for development. Nearon Enterprises, a Northern California-based, privately held investment company, with a primary focus on real estate development and investment, purchased the property because it anticipates a continuation of strong growth for office space in the traditionally high-demand Technology Corridor, noted Bob Scullin of NAI Capital Commercial. The buyer, who has plans to improve the property, has retained NAI Capital Commercial to market the facility for sale for $25 million, or for lease for $2.25/sf full service gross. Nearon Enterprises, in addition to their recent purchase of the former Litton facility, owns and manages assets exceeding $300 million in value. The firm's real estate interests include approximately 1.5 million square feet of residential, commercial, industrial, office and multi-family buildings. Bob Scullin and Cathy Scullin of NAI Capital Commercial represented both sides in the transaction.