Back-to-back multi-million commercial real estate sales on the Highway 101 corridor are showing that the market is moving again.
The Park Calabasas, an office campus that has been home to Lockheed Martin and Countrywide Financial, sold for $79 million on April 1, and an industrial building in Camarillo sold for $6.5 million the day before.
The sellers of The Park Calabasas, Rising Realty Partners and Fortress Investment Group, were represented by a team of brokers from Newmark, including: Kevin Shannon, the co-head of U.S. Capital Markets; Ken White and Rob Hannan, both executive managing directors; and Senior Managing Director Laura Stumm. Two other Newmark team members—Vice Chairman David Limestone and Senior Managing Director Brett Green—secured the acquisition funding for the buyer, Gemdale USA, a U.S. subsidiary of China-based Gemdale Corporation.
The campus is located at 4500 Park Grenada in Calabasas and has 222,524 square feet of space on a 20-acre site. It’s currently 92% leased with six tenants, and was originally developed as a corporate headquarters for Lockheed Martin before becoming the headquarters for Countrywide Financial, which is now Bank of America Home Loans. The campus recently underwent a $12 million capital renovation by its previous owners.
“With over 10 years of weighted average remaining lease term, The Park Calabasas is another example of investors flocking to office assets with long term tenants,” Shannon said in a Newmark press release. “Since the onset of the pandemic, we have seen a notable increase in foreign capital, like Gemdale, along with family office and 1031 exchange capital, buying office assets to fill the void of diminished institutional demand for the asset class.”
In Camarillo, another multi-million deal went through with the sale of 1040 Avenida Acaso. The property was sold by an LLC called Deezco, and Fredmore bought it. The 40,000-square-foot building is on 2.12 acres and has 8,000 square feet of office space, and is occupied by Infab Intermediate Holdings, a distributor of radiation protection products and safety accessories, under a new long-term triple-net lease, according to a news release from CBRE.
Teams from CBRE represented both the buyer and the seller in the transaction. Bob Boyer and Michael Slater represented the seller, and Fred Aframian and Ryan Lin represented the buyer.