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10/12/23
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Calabasas Courtyard, a three-building office project located in the western San Fernando Valley city of Calabasas was acquired by Calabasas Courtyard LLC, an investment entity comprised of industry veterans Brian Forster of Pacific Partners Commercial, Inc and Tony Principe of Westcord Commercial Inc, along with private investor, John Cataldo. The price was not disclosed.
The property, located at 5000 Parkway Calabasas, is comprised of 129.8k sf and was 68% leased at the time of sale to a diverse mix of corporate office users. The property is situated directly across the 101 Fwy from Caruso’s renowned retail project, The Commons, providing tenants with proximate access to a wide array of dining, shopping and entertainment options.
The buyer intends to upgrade and modernize the common areas of the three buildings as well as the individual suites to further enhance the strong features and amenities of the buildings, which include high ceilings, floor to ceiling glass, abundant parking and lush landscape.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll and Director Alex Beaton represented the seller, AEW Capital Management. According to Hannan, Calabasas Courtyard provides excellent future opportunities, with its three distinct buildings enabling the new owner to explore a versatile multi-parceling scenario or utilizing the six-acre site for a multitude of options.
Beaton noted, “Testament to this property’s enduring success in the submarket, it has averaged more than 90% occupancy over the last ten years, including some with cumulative lease commitments of more than 20 years. Calabasas Courtyard provides a very complementary fit for the typical 3k sf tenant proliferating the submarket.”
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