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9/29/15
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Adler Realty Investments Inc has purchased a two-story, 100k sf office building in Calabasas for $24 mil, or $240/sf. The property is situated just off the 101 Fwy at 23901 Calabasas Rd, directly across the street from The Commons at Calabasas, the prominent shopping and dining complex in the area.
Adler plans to renovate the building, including upgrades to the lobbies, common areas, landscaping, and interior courtyard, to provide the property a more updated image. The building is 95% leased to Rodeo Realty and a number of other, mostly small professional clients who service the San Fernando Valley.
Bill Bauman and Kyle Miller with Savills Studley represented both the buyer and the seller, Century National Properties Inc, in this transaction. This transaction boosts Adler’s local portfolio to 15 buildings within a five-mile radious of the property.
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