CBRE announced the sale of an office building in Calabasas, CA, for $8.95 million to a local private investor.
CBRE’s Tom Dwyer, Michael Slater, and Caroline Bigelow represented the seller, Majestic Asset Management, Inc. The buyer, a private investor, was represented by Ron Feder at KW Commercial Calabasas.
The property, located at 26677-26679 W. Agoura Road, is part of Corporate Center Calabasas, a project that consists of six Class A office buildings located within the 101 corridor, featuring surface and subterranean parking, a park-like setting and excellent freeway visibility and access.
“Majestic bought this office park with the intent of selling off individual parcels as opposed to the entire project,” said Slater. “This area has seen a lot of demand from office users and in turn from investors. Much of the LA region and particularly submarkets that boast amenities and easy access to transportation are in high demand.”
Majestic, a real estate investment and property management company with a focus on repositioning income properties, is currently upgrading the campus to create a lifestyle project with modern, desirable amenities, including a high-end gym exclusive to tenants, outdoor collaboration spaces and on-site restaurant.
“Majestic has been willing to commit the capital to transform properties into contemporary office campuses,” said Slater. “This project sits in a market that has seen great demand from employers. Each of these buildings promises to be a great income-producing investment.”
Los Angeles County ended the year with strong occupancy gains in every submarket driven by large deals signed by content creators, government tenants and co-working companies. Despite a 90 basis points increase in vacancy, the 11% year-over-year rise in asking rents resulted in strong investment activity, according to CBRE’s latest fourth-quarter research.
CBRE’s Tom Dwyer, Michael Slater, and Caroline Bigelow represented the seller, Majestic Asset Management, Inc. The buyer, a private investor, was represented by Ron Feder at KW Commercial Calabasas.
The property, located at 26677-26679 W. Agoura Road, is part of Corporate Center Calabasas, a project that consists of six Class A office buildings located within the 101 corridor, featuring surface and subterranean parking, a park-like setting and excellent freeway visibility and access.
“Majestic bought this office park with the intent of selling off individual parcels as opposed to the entire project,” said Slater. “This area has seen a lot of demand from office users and in turn from investors. Much of the LA region and particularly submarkets that boast amenities and easy access to transportation are in high demand.”
Majestic, a real estate investment and property management company with a focus on repositioning income properties, is currently upgrading the campus to create a lifestyle project with modern, desirable amenities, including a high-end gym exclusive to tenants, outdoor collaboration spaces and on-site restaurant.
“Majestic has been willing to commit the capital to transform properties into contemporary office campuses,” said Slater. “This project sits in a market that has seen great demand from employers. Each of these buildings promises to be a great income-producing investment.”
Los Angeles County ended the year with strong occupancy gains in every submarket driven by large deals signed by content creators, government tenants and co-working companies. Despite a 90 basis points increase in vacancy, the 11% year-over-year rise in asking rents resulted in strong investment activity, according to CBRE’s latest fourth-quarter research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
