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Newmark has announced the $78,225,000 sale of Calabasas Park Centre, a three-building 225,340-square-foot Class A office campus in Calabasas, CA. The property is 96 percent leased and is located adjacent to Caruso’s Commons at Calabasas, one of the region’s most prominent open-air retail centers.
Newmark Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Brunson Howard and Senior Managing Directors Michael Moll and Laura Stumm represented the seller, Kilroy Realty Corporation. The buyer is a joint venture between Related Fund Management and Cruzan.
Calabasas Park Centre was developed by Kilroy Realty Corporation in phases between 2000 and 2001. The property has since maintained an average occupancy of 94 percent, significantly outperforming the overall submarket. Calabasas Park Centre consists of two four-story and one two-story Class A office buildings located in a park-like campus environment at 23925, 23975, 24025 Park Sorrento. The property benefits from a highly diversified tenant roster with approximately 38 existing tenants and no one tenant comprising more than 10% of the project.
“Calabasas Park Centre’s stabilized in-place cash flow, amenity access, construction quality and strong historical asset performance drove significant investor interest,” said Moll.
Calabasas Park Centre is LEED Gold Certified and regarded as the premier office asset within the Calabasas submarket. The Class A property accommodates a wide range of tenant sizes and future growth needs with existing multi-tenant corridors in place while offering a combination of partially exposed and finished ceiling heights ranging from 9 to 10 feet. In addition to being walking distance to Caruso’s The Commons at Calabasas, it is also walkable to Parkway Calabasas Shopping Center and provides easy access to the 101 Freeway.
Shannon noted, “Calabasas Park Centre offered investors unique scale at an attractive discount to replacement cost for one of the Conejo Valley’s top office assets.”
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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