Alan Airth, managing principal for the Koll Co., says that hisfirm was attracted to the property, which it acquired fromtenant-in-common firm SCI Investments of Los Angeles, by itsstrategic location in the Calabasas submarket. Airth notes that thevacancy rate is only 5% in the submarket, which comprises slightlymore than 2.5 million sf of office space.

Airth also cites the affluence in Calabasas, a community with apopulation of 23,000 and a median household income of $93,860, andthe lack of new office construction in the Calabasas market. TheKoll Co. has budgeted more than $1.3 million for capitalimprovements and will take over the management of the property,with leasing to be handled by Brian Foster and Connie Hare of ToldPartners.

Built in 1986, Calabasas Courtyard consists of two, two-storysteel frame buildings and one three-story building on a site ofjust under six acres just north of the 101 Freeway. It was 91%occupied at the time of the sale and comprises 48 office suitesaveraging approximately 2,450 sf.