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Class A Office Campus in Calabasas Trades for $78 Mil

1/04/19

Calabasas Park Centre, a three-building 225.3k sf ($347/sf) Class A office campus in Calabasas, was acquired for $78.2 mil by a joint venture between Related Fund Management and Cruzan. The property is 96% leased and is located adjacent to Caruso’s Commons at Calabasas, one of the region’s most prominent open-air retail centers.

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%, 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 is LEED Gold-certified. 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. The property also provides easy access to the 101 Fwy.

NKF 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, in the transaction.

“Calabasas Park Centre’s stabilized in-place cash flow, amenity access, construction quality and strong historical asset performance drove significant investor interest,” said Moll.






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