Sales  ·  office

Calabasas Courtyard Sold, Set for Upgrade Under New Owner

Development includes almost 130,000 square feet that’s 68 percent leased

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Some Los Angeles-based investors are teaming on a nearly 130,000-square-foot office project named Calabasas Courtyard in the upscale enclave in the San Fernando Valley.

An entity using the same name as the development — consisting of Brian Forster of Pacific Partners Commercial, Tony Principe of Westcord Commercial and private investor John Cataldo — bought the three-building office project in the Calabasas submarket from AWE Capital Management. The buyer intends to upgrade the common areas of the three buildings as well as the suites to enhance the features and amenities of the buildings.

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Newmark (NMRK) announced the deal and represented AWE Management but declined to disclose the sales price. A source familiar with the development told Commercial Observer it sold for $21.5 million.

“The acquisition of Calabasas Courtyard is yet another example of private capital identifying an attractive entry-point basis in a highly desirable office market like Calabasas … one of the nation’s most esteemed ZIP codes,” Kevin Shannon, Newmark’s co-head of U.S. capital markets, said in a statement.

The offices at 5000 Parkway Calabasas include 129,789 rentable square feet, which were 68 percent leased at the time of sale. Newmark added that the new owner can explore dividing the site or otherwise utilizing the 6 acres for other options. The property is directly across the 101 Freeway from Caruso’s The Commons shopping center. 

“Testament to this property’s enduring success in the submarket, it has averaged more than 90 percent occupancy over the last 10 years, including some with cumulative lease commitments of more than 20 years,” Newmark Vice Chairman Alex Beaton said. “Calabasas Courtyard provides a very complementary fit for the typical 3,000-square-foot tenant proliferating in the submarket.”

Shannon, Beaton and Newmark’s Ken White, Laura Stumm and Michael Moll represented the seller.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.