Lee & Associates Closes the Sale of 46,321-SF Office Building in Calabasas
Torrance, CA – August 10, 2012 – (RealEstateRama) — Robert D. Erickson, Mark Leonard and Marc Spellman, Principals of Lee & Associates-LA North/Ventura, Inc. (www.lee-associates.com), transacted the sale of a 46,321-square-foot office building at 26025 Mureau Road in Calabasas, Calif., the fourth and final Calabasas Commerce Center asset in a portfolio that had been owned by Arden Realty. The purchase price exceeded $7 million.
The buyer, a private family trust that owns and operates Peak Performance (www.gotopeak.com), a marketing solutions provider to the automotive industry, acquired the building for its own use and will relocate its Northridge offices to its new building.
“The buyer had been leasing up to this point, but after analyzing the value of the real estate, current interest rates, the asset quality and its excellent fit with the company’s needs, it became apparent that purchasing their office space made a lot of sense,” said Leonard, who represented the buyer in the transaction.
The sale culminates the marketing of a 4-building portfolio Arden owned in Calabasas Commerce Center. Erickson and Spellman represented Arden in all four of the transactions, and Leonard represented the buyers of two of the buildings sold.
“Our experience with this sale reflects the wholesale change we are seeing in the market,” said Erickson. “We had the property in escrow in January, but the escrow was terminated. When we put it back on the market, we were able to generate five offers almost immediately, and the final sale price was quite a bit higher than the sale price we negotiated in January.”
Calabasas Commerce Center, a low-rise campus off the Ventura (101) Freeway, was developed in 1989 by Ahmanson Commercial Development. The complex was originally envisioned as a gateway to what was to have been the Ahmanson Ranch development, but the land set aside for that development was ultimately sold and will remain open space.
As with this sale, the other three properties were acquired by owner-users, a market that has been increasingly active due to the current interest rate environment and the availability of SBA financing requiring only a 10 percent down payment for qualified buyers.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 45 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
About Lee & Associates® – LA North/Ventura, Inc.
Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at http://www.lee-associates.com.
