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12/07/16
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Calabasas Tech Center, a 282.4k sf, eight-building flex office campus in Calabasas, was acquired by a 1031 exchange investor. The buyer, Kenmore View Apartments LLC, plans to hole the property for the long term. The price was not immediately given out.
Calabasas Tech Center is located at 26520 and 26570-26672 W Agoura Rd, adjacent to the 101 Fwy, 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.
The seller was represented by the NGKF Capital Markets team of Robert Griffith, Sean Fulp and Kevin Shannon. According to Griffith, the 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.
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 (41k sf, Class A creative flex office building), 17911 Von Karman in Irvine (103.6k sf, Class A office building), and Conejo Business Center (68.1k sf medical office campus) that were acquired by local Southern California-based investors.
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