X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEWBURY PARK, CA-A 40,000-square-foot business park here has opened with 70% of the space pre-sold, and in Calabasas Arden Realty has sold a 36,660-square-foot office building to an owner-user for approximately $7 million, according to brokers involved in the deals. The Newbury Park project is called Lavery Business Park and is located at 2631, 2635 and 2639 Lavery Court. The building that Arden sold is at 26010 Mureau Rd. in the Calabasas Commerce Center.

Tony Principe, president of Westlake Village-based Westcord Commercial Real Estate Services, reports that escrows just closed on the 70% of space that was pre-sold at Lavery Business Park, which targets small businesses as buyers. The park is a renovation and conversion project of units for sale from 846 square feet to 7700 contiguous square feet.

[IMGCAP(2)]Principe and Jim Darin of Westcord are the marketing agents for Lavery Court LLC, the project owners, who acquired the property in 2007 and launched a two-year renovation that included introducing voluntary seismic upgrades, new roofs, mechanical systems, new parking, landscaping, newly finished warehouse floors, roll-up doors, and high-end security systems with multiple cameras. Simultaneously, the owners initiated the condo conversion of the vacated buildings for 30 for-sale units. Principe notes that owner financing is available up to 90% at 5.95% interest only and that the seller offers to make the first six months of mortgage payments.

The building that Arden sold in Calabasas is a two-story structure that Kasower Properties LLC acquired in a 1031 exchange to house its business, Canoga Park-based Mighty Net Inc., a credit and financial information provider. Arden was represented by Robert D. Erickson and Marc Spellman, principals at Lee & Associates-LA North/Ventura Inc., with Jeff Gould and Jeff Albee of Sperry Van Ness Real Estate Services Inc. representing Kasower Properties.

Gould and Albee also represented Kasower on the $2.4 million sale of the company’s approximately 11,500-square-foot office building at 9040 Topanga Canyon Blvd. in Canoga Park. The buyer of the 9040 Topanga Canyon building was C2K Group LLC, an owner-user who was represented by Dieter Tack of ADR/Preferred Business Properties.

Kasower used the proceeds of the sale of the Canoga Park building in the 1031 exchange purchase of the 37,000-square-foot building at 26010 Mureau Rd. in Calabasas, where Kasower is scheduled to move in this weekend. The company plans on expanding into about 18,000 square feet within its new building.

Erickson describes the 26010 Mureau building as especially well-suited to an owner-user. He explains that the two floors “give the owner a great deal of flexibility, including options for future expansion and the ability to lease a portion of the space while still retaining a completely separate workspace for its own business operations.”

Arden Realty put the property on the market late last year along with three other buildings in the complex. It is the first time the four buildings have been offered for sale individually. One property, 26135 Mureau Rd., sold to an owner-user within weeks after listing. Erickson and Spellman are also marketing 26115 Mureau Rd., a 25,419-square-foot building that is also well-suited for an owner-user, and 26025 Mureau Rd., a 46,321-square-foot property that is fully leased to a wholly-owned subsidiary of Mountain View-based Intuit Corp., a small business support services company.

Calabasas Commerce Center is a low-rise campus off the Ventura (101) Freeway. It was developed in 1989 by Ahmanson Commercial Development and was originally a gateway to what would have been the Ahmanson Ranch development. However, the land set aside for that development was ultimately sold and will remain open space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.