CALABASAS, CA-The Koll Co. of Newport Beach has acquired the three-building, 117,478-sf Calabasas Courtyard for $26.5 million. The class B office center occupies a site close to the 101 Freeway at at 5000-5016 N. Parkway Calabasas.

Alan Airth, managing principal for the Koll Co., says that his firm was attracted to the property, which it acquired from tenant-in-common firm SCI Investments of Los Angeles, by its strategic location in the Calabasas submarket. Airth notes that the vacancy rate is only 5% in the submarket, which comprises slightly more than 2.5 million sf of office space.

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

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

Among the features that attract tenants to the Calabasas Courtyard project, according to Koll, are the location’s quick access to the Los Angeles County communities of Woodland Hills, Canoga Park, Agoura Hills, Tarzana and Malibu. The property is close to retail amenities including the Commons at Calabasas with its restaurants, stores and specialty shops.

The sale of the Calabasas Courtyard was brokered on behalf of SCI Investments by Sacramento-based the Palmer Team.

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