September 3, 2019
The Calabasas, CA headquarters facility of ValleyCrest Landscape Companies sold for $24 million or roughly $314-per-square-foot, which is believed to be the highest per-square-foot price ever paid for a soon-to-be vacant building in the region. The seller is an entity of ValleyCrest, and the buyer is an entity of Los Angeles real estate investor Paul Minoo’s 4M Investment Corp.
The architecturally distinct Class A property at 24151 Ventura Blvd. was constructed in 2004 as a build-to-suit for ValleyCrest. The 76,496-square-foot building features 360-degree views of the Santa Monica Mountains, and an atrium on an expansive 17-acre campus alongside the 101 Ventura Freeway.
Lee & Associates’ Mike Tingus, Grant Fulkerson and Jonathan Bruce represented the seller.
The buyer plans to convert the building to a multi-tenant office building. ValleyCrest, which merged with Brickman Group in 2014 forming BrightView, continued to occupy the facility in a leaseback that will expire at the end of this year.
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