A sprawling research and office campus in Thousand Oaks has gone from half-empty to fully leased in roughly two years, and that turnaround just helped it land tens of millions of dollars in fresh financing. Lakeview Innovation Center, a Class A research and development and office property, secured a three-year, floating-rate loan from Forbright Bank, with the deal arranged by JLL Capital Markets.
The size of the new loan depends on which account you read: JLL describes it as $49.75 million in bridge financing, while Commercial Observer reports Alta West Partners closed a $49.8 million loan from Forbright Bank. Either way, it's a sizable bet on a campus that owner Alta West Partners bought as a fixer-upper just two years ago, as first detailed by L.A. Business First.
From Half-Vacant to Fully Leased
Alta West Partners acquired Lakeview Innovation Center in September 2024 as a value-add play, buying the property while it was only 50% leased, according to JLL's account of the financing. By the time the new loan was announced, the campus was reported as 100% leased — a shift JLL attributes to targeted leasing efforts and capital improvements made over the two years following the purchase.
Commercial Observer's report similarly describes Alta West as having raised the occupancy rate from 50 percent to 100 percent after taking over the property. JLL also credits that turnaround with driving more than 170% growth in the campus's net operating income since acquisition.
What's Inside the Conejo Valley Campus
The campus itself is described in slightly different terms depending on the source and the date of the report. JLL's financing announcement puts the property at approximately 275,000 square feet, while an earlier JLL release tied to the 2024 sale put the total at 276,529 square feet across 22.1 park-like acres. The space mixes office, lab and R&D uses, and comes equipped with dock-high loading capabilities and 20,000 amps of power, per JLL.
Tenants at the fully leased campus now include Marvell Semiconductor, Laboratory Corporation of America, Equinox Fitness, Rawlings Sporting Goods and Anchor Loans, according to the same JLL release. The property also carries M2 zoning that, per JLL's 2024 announcement, supports up to 123,000 square feet of additional density for future life-science, R&D or office development — and the campus underwent renovations in 2023, ahead of Alta West's purchase.
A Complicated Backstory, and a Tricky Market
When JLL first announced the 2024 sale, it described the buyer as a partnership between Alta West Partners and affiliates of Glendon Capital Management and A2 Capital Management, who closed an all-cash deal for the property. Alta West has pursued a similar playbook elsewhere in the region: the firm, alongside Glendon and A2, also acquired an 83,000-square-foot flex R&D asset in Torrance for $21.4 million, and separately picked up a 209,404-square-foot office property in Simi Valley, according to Alta West Partners' own account of its portfolio.
The financing lands at a tricky moment for Ventura County's industrial and flex-space market. The county's direct industrial vacancy rate climbed to 4.7% in the third quarter of 2026, up from 4.5% the prior quarter, while availability reached 7.7%, according to a market report from Kidder Mathews. Thousand Oaks itself posted negative net absorption of 86,736 square feet in the same quarter, part of a broader countywide absorption figure of negative 144,291 square feet — even as more than 1.19 million square feet of industrial space remains under construction across Ventura County, per the same report.
