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September 19, 2019
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Class A Building in Calabasas Sells for $24 Mil

8/30/19

A 76.5k sf, Class A building in Calabasas, at the western end of the San Fernando Valley, was acquired for $24 mil ($314/sf) by an entity of Los Angeles real estate investor Paul Minoo’s 4M Investment Corp. It is situated at the northern end of Calabasas, just off Parkway Calabasas, a submarket estimated to have an office vacancy rate of 5%.

The property, located at 24151 Ventura Blvd, was constructed in 2004 as a build-to-suit for ValleyCrest Landscape Cos. The building was designed by Nadel Architects and features breathtaking 360-degree views of the Santa Monica mountains, a spectacular atrium and superb freeway visibility on an expansive 17-acre campus with beautifully landscaped outdoor seating areas. The buyer intends to convert the soon-to-be-vacant building to a multi-tenant office building.

The Lee & Associates-LA North/Ventura team of Mike Tingus, Grant Fulkerson SIOR and Jonathan Bruce represented the seller, an entity of Valley Crest. Founded by the late Burt Sperber in 1949 when he was 19 years old, ValleyCrest grew to 9,000 employees and more than 150 nationwide locations with a celebrated list of clients and projects that included Walt Disney Concert Hall and The Getty Center in Los Angeles; Atlantis Hotel, Bahamas, Dallas Cowboys Stadium in Arlington, Tex. and Hudson River Park in New York City.

Michael Dell’s MSD fund acquired ValleyCrest in 2007 in one of the first major investments by private equity in the green industry. In 2014 MSD sold a majority share to Brickman Group, an East Coast competitor owned by KKR& Co, in a transaction called at the time, a merger of “the most iconic and largest landscape/horticultural companies in North America.”

The new company, renamed BrightView, continued to occupy the headquarters building in Calabasas in a leaseback that will expire at the end of this year when BrightView is expected to complete consolidation of its operations into a new headquarters on Agoura Road in Calabasas.

Los Angeles-based 4M’s real estate portfolio includes commercial properties in L.A., Nevada, New York and Pennsylvania. The company recently acquired the 103.2k sf Universal City tower at 3330 Cahuenga Blvd.






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