SoCal developer sells office buildings

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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. *** What's your opinion? Send your Letter to the Editor to