The three-building Calabasas Park Centre office campus has sold for $78 million.
According to a company statement issued by real estate brokerage Newmark Knight Frank, which handled the transaction, Related Fund Management and Cruzan entered a joint venture to purchase the Calabasas property, which is adjacent to Caruso open-air mall The Commons at Calabasas.
Newmark Knight Frank’s Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm represented seller Kilroy Realty Corp., which had originally developed the site in two phases between 2000 and 2001.
Spanning a collective 225,340 square feet, Calabasas Park Centre consists of a pair of four-story office buildings and one two-story building at 23925, 23975 and 24025 Park Sorrento, where nearly 40 tenants lease space.
“Calabasas Park Centre’s stabilized in-place cash flow, amenity access, construction quality and strong historical asset performance drove significant investor interest,” Moll said in a statement.
Tenants include Pinnacle Estate Properties, Topa Insurance Co., Wixen Music Publishing Inc. and Sage Healthcare Management Group.