Dole Food Sells HQ for $50M

CBRE secured the buyer for the fruit and vegetable company’s campus in Westlake Village, Calif. The seller will lease back a segment of the three-story building.
1 Dole Drive
1 Dole Drive

Dole Food Co. recently pocketed $50 million on the disposition of its Los Angeles-area corporate campus. With the assistance of commercial real estate services firm CBRE, the company sold to the Conrad N. Hilton Foundation the 168,000-square-foot property, located at 1 Dole Drive in Westlake Village.

“One Dole Drive is a truly unique property. There is nothing like it in the entire market,” Mike Longo, a vice president with CBRE, said in a prepared statement. Longo was joined in the representation of Dole Food by colleagues Todd Tydlaska, Sean Sullivan, Tom Dwyer and Michael Slater.

A U-shaped structure planted on an approximately 10-acre site, One Dole was developed in 1999 and has been home to Dole Food for just as long. The fruit and vegetable company isn’t precisely bidding adieu to its longtime corporate campus, however, as it will lease back a segment of the three-story building from the new ownership.

CBRE didn’t have to look too far for a buyer. The Hilton Foundation has been a tenant on the One Dole campus since leasing 17,500 square feet of space in late 2017. In a statement on the acquisition of the property, the Hilton Foundation described the campus as “the perfect solution for our growing staff.”

Trading in Westlake Village

Westlake Village, located roughly 40 miles west of downtown Los Angeles, is seeing its share of investment sales activity this year. Athletic footwear maker K-Swiss sold its 53,100-square-foot corporate headquarters at 31248 Oak Crest Drive to Selleck Development Group for $11 million. Equity Office Properties Trust divested 30700 Russell Ranch Road, selling the 133,000-square-foot building to TH Real Estate.

Image courtesy of CBRE