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2/05/25
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A joint venture between Cross Ocean Partners and Palisade Group purchased 4500 Park Granada, a three-story Class A office building in Calabasas, California. The price was not disclosed.
The property is situated on a 20-acre site featuring expansive courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the property operated as a single-tenant campus for nearly 20 years.
Recently, the building underwent an extensive renovation, incorporating environmental, social and governance enhancements to improve efficiency and sustainability. It was fully leased at the time of sale to seven tenants across diverse industries, including consumer goods (44%), insurance (30%), hospitality (14%), co-working (8%) and financial services (3%).
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm and Director Alex Beaton represented the seller, Gemdale USA, in the deal.
"This Class A multi-tenant office property offered our all-cash buyer a strong tenant mix with nearly seven years of average remaining lease term, a major discount to replacement cost and prior peak cap rates, all in a superb area with significant barriers to entry,” said Shannon.
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