CALABASAS, CA—CBRE has sold The Courtyard at the Commons, located at 23631 Calabasas Road, on behalf of an undisclosed public employee pension fund advised by CBRE Global Investors. The investment sold as an all-cash deal for $50 million.

The seller was represented by the CBRE's private capital group Los Angeles retail team, led by Sam Alison, Dan Riley, and Ben Cherney, and CBRE's National Retail Investment Group - West, led by Todd Goodman, Gleb Lvovich, Prestow Fetrow, and Kirk Brummer. The buyer, an undisclosed global asset management firm, represented themselves in the transaction. This is the fourth time the CBRE team has sold this asset over the past 14 years.

“The sale provided the buyer with an attractive yield for an institutional quality asset while providing our client with a healthy return on the lifecycle of their ownership,” Alison said. “The property was sold unencumbered by debt and the retail trade area is among the most desirable in southern California, as illustrated by the recent execution of shop leases in the property at monthly rental rates of $4.00 to $4.25 per square foot. The combination generated multiple offers from institutional and private capital buyers.”

Located off the US Hwy101 (Ventura Freeway), The Courtyard at the Commons is made up of two parcels containing approximately 6.76 acres of land area. The major tenants include: Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro, and Sotheby's.

The Class A property sits in one of the highest income areas in Southern California; within a one mile radius, the average household income reaches more than $175,000 per year.