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4/05/21
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The Park Calabasas, a 222.5k sf, creative office campus in Calabasas, was purchased for $79 mil ($355/sf) by Gemdale USA, a subsidiary of China-based Gemdale Corporation. The property was sold by Rising Realty Partners and Fortress Investment Group.
Located at 4500 Park Granada, the low-rise campus is 92% leased to six tenants. It features expansive outdoor courtyards, new on-site amenities, landscaped gardens and executive parking.
Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide Financial (Bank of America), The Park Calabasas had been utilized as a single-tenant campus for nearly 20 years. Following the recently completed, $12 mil extensive capital renovation by the sellers, this corporate facility has been elevated to a true trophy, multi-tenanted, creative office campus.
The property is within walking distance to several dining, shopping and entertainment options, including Caruso’s the Commons at Calabasas lifestyle center, and provides convenient access to the San Fernando Valley, the Westside of Los Angeles and Malibu via the 101 Freeway and Mulholland Highway.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented the sellers in the transaction. Newmark’s Vice Chairman David Milestone and Senior Managing Director Brett Green secured the acquisition financing on behalf of the buyer, Gemdale.
“With over 10 years of weighted average remaining lease term, The Park Calabasas is another example of investors flocking to office assets with long term tenants,” said Shannon. “Since the onset of the pandemic, we have seen a notable increase in foreign capital, like Gemdale, along with family office and 1031 exchange capital, buying office assets to fill the void of diminished institutional demand for the asset class.”
The Los Angeles North market is comprised of 31 msf of office space, according to Newmark Research. Calabasas’ office vacancy rate totaled 6.5% in Q4 2020. The migration trend of tenants from West Los Angeles and San Fernando Valley toward the Conejo Valley bodes well for this submarket given the competitive occupancy costs and favorable municipal tax advantages.
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