Dole Food Co. has managed to sell its headquarters in Westlake Village, California, to the Conrad N. Hilton Foundation for $50 million.
The sale of the 168,000-square-foot corporate campus was made in an off-market transaction, according to commercial real estate firm CBRE Group Inc., which brokered the deal.
Dole Food, which has kept its headquarters at One Dole Drive for the past 20 plus years, will continue to occupy a portion of the three-story building. The Hilton Foundation, which was a tenant at the property prior to the sale, will now take over the space as its headquarters.
Dole Food, the world’s largest producer of fruit and vegetables, has been grappling with declining revenue in recent years. Last year, Dole owner David Murdock planned to take the company public in a $400 million initial public offering but canceled those plans in January. In July, Dole sold a 45 percent stake to Ireland-based Total Produce for $300 million.
Dole put its corporate campus on the market late last year, according to the Real Deal. The publication said European food company Greenyard was planning to buy the building and company in exchange for a plantation theme park in Hawaii, but the deal ultimately fell through.
Source: Bizjournals
