CBRE ANNOUCES SALE OF BUILDING IN CORPORATE CENTER CALABASAS FOR $11 MILLION TO WESTCORD AND TR FUNDING
22 5 2018
CBRE announced the sale of a building in the Corporate Center Calabasas to Westcord Commercial Real Estate Services and TR Funding for $11 million. This marks the second sale on the six-building campus this year.
CBRE’s Michael Slater, Tom Dwyer and Mike Longo represented the seller, Majestic Asset Management, a locally-based real estate company. The buyer, a real investment firm based in Westlake Village, was represented by Westcord Commercial Real Estate Services.
The Corporate Center Calabasas, which is located at 26565-26707 W. Agoura Road, is a project that consists of six Class A office buildings ranging from 21,000 to 70,000 square feet. The project is located within the 101-corridor, featuring surface and subterranean parking, a park-like setting and excellent freeway visibility and access.
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.
“This office campus is being buoyed by recent renovations and represents a unique asset for the western San Fernando Valley,” said Longo. “Its location is also central to several high-end residential communities along the 101 Freeway corridor from the Conejo Valley through the Hollywood Hills, which makes it ideal on many levels.”
This is the second transaction on the office campus this year. In February, CBRE facilitated the sale of another building for $8.95 million to a local private investor.
Adds Dwyer “This market has seen a lot of demand from office tenants and in turn from those investing into these properties. Particularly submarkets that boast amenities and easy access to transportation are in very high demand.”
While investment activity in the Greater Los Angeles region slightly dropped in Q1 2018, commercial real estate sales are forecasted to increase in the second quarter. Looking forward, strong liquidity and abundant capital will buoy the market outlook as office employment is projected to increase throughout 2018 above full employment levels, according to CBRE’s latest research report.
TR Funding is a privately held real estate investment and development firm located in Westlake Village, CA. Founded in 1994, the firm specializes in the purchase of value added and ground up development of office, medical, industrial and collector car storage facilities. T.R. Funding has closed $45 million in transactions in 2018.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.