Los Angeles, CA (12/06/2016)
NGKF Capital Markets has announced the sale of Calabasas Tech Center, a 282,447-square-foot eight-building flex office campus, to buyer Kenmore View Apartments, LLC. The seller was represented by the NGKF Capital Markets team of Robert Griffith, Sean Fulp and Kevin Shannon. The transaction was a 1031 exchange for Kenmore, which plans to hold the property for the long-term.
"This transaction is indicative of the buyer profile that has been increasingly active in the market. As larger institutional players slowed down their acquisition activity during the latter half of the year, local market owners and investors, who had previously been priced out of the market, stepped back in. This property marks a strategic acquisition for Los Angeles-based Kenmore," Griffith said.
Calabasas Tech Center, at 26520, 26570-26672 W Agoura Road, is located adjacent to the 101 Freeway providing easy access to the greater Calabasas, Westlake Village office market. The office campus is currently 86 percent occupied by technology, fashion, logistics, government and financial services companies. The campus is located along the "101 Technology Corridor," which is home to more than 200 technology companies across sectors such as software, biotechnology, electronics, automotive, aerospace and defense.
To that end, a number of transactions have followed this trend, adds Griffith. He cites recently closed deals such as 2860 Michelle Drive in Irvine (41,069-square-foot Class A creative flex office building), 17911 Von Karman in Irvine (103,620-square-foot Class A office building), and Conejo Business Center (68,103-square-foot medical office campus) that were acquired by local Southern California-based investors.
"The general uncertainty in the real estate and financing markets over the last six months was driven by unknowns over the election. Now that we have our results, we expect continued job growth and a firming of the market during the first half of 2017 with a growing confidence by all real estate investors," Griffith noted.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.