Adler Realty Investments Inc. of Woodland Hills has purchased a 100,000-square-foot office building in Calabasas for $24 million.
The property, in Calabasas Business Park 2 at 23901 Calabasas Road, is directly across from The Commons at Calabasas shopping center. The two-story building is 95 percent leased to small professional clients who service the San Fernando Valley, including residential brokerage Rodeo Realty, Adler said.
The investor plans to renovate the building, which dates to 1983 and was last renovated in 2001, upgrading the lobbies, common areas, landscaping and interior courtyard.
“We are pleased with the acquisition which further expands our local portfolio that now totals 15 buildings within a five-mile radius of the property,” said Michael Adler, president of Adler Realty, in a statement.
The seller was Century National Properties Inc. of Santa Monica, which purchased the building in 1993 for $6.3 million, according to real estate data provider CoStar Group Inc. Brokers Bill Bauman and Kyle Miller with Savills Studley represented both seller and buyer in the transaction.