SoCal developer sells office buildings

Investment Development Services Inc. sold two office buildings totaling 198,000 square feet in Westlake Village, Calif.

The value of the transaction was not disclosed.

The 11-acre property, situated in the Westlake North Business Park, is located at 30699 and 30721 Russell Ranch Road.

TIAA-CREF, the retirement system for employees in higher education, was the buyer.

At the time of sale, the properties were more than 91 percent occupied.

Grubb & Ellis represented both TIAA-CREF and IDS in this transaction.

Other tenants of Westlake North Business Park include Countrywide, GTE and Shea Homes.

Los Angeles-based IDS is a commercial real estate services company focusing on the western United States.

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