January 4, 2019
Calabasas Park Centre, a three-building 225,340-square-foot Class A office campus in Calabasas, CA, has traded hands. Kilroy Realty Corporation sold the 96%-leased property to a joint venture between Related Fund Management and Cruzan for $78.2 million.
The LEED Gold Certified project was developed by Kilroy in phases between 2000 and 2001. Calabasas Park Centre consists of two four-story and one two-story office buildings located in a park-like campus environment at 23925, 23975, 24025 Park Sorrento. It is adjacent to Caruso’s Commons at Calabasas, one of the region’s most prominent open-air retail centers.
NKF’s Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm represented the seller.
Shannon noted, “Calabasas Park Centre offered investors unique scale at an attractive discount to replacement cost for one of the Conejo Valley’s top office assets.”
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