Majestic Asset Management has purchased the Corporate Center Calabasas, a seven-building office campus totaling 325,016 square feet that sits on almost 15 acres of land at 26565-26707 W. Agoura Road, The Real Deal has learned.
Majestic paid the seller, a joint venture between Lincoln Property Company and Angelo, Gordon & Co., $53 million, or approximately $163 per square foot, for the Class A property.
Bob Safai, Matt Case, and Brad Schlaak of Madison Partners represented both parties in the transaction.
Madison Partners also arranged a $44.7 million first mortgage loan with Square Mile Capital to finance the acquisition.
Majestic, headed by David Fradin, plans to reposition the complex using creative finishes to target tech, media and bioscience tenants. The investment firm will improve the exterior and common areas of the property.
The property was approximately 78 percent leased upon closing, according to the release form Madison Partners.
Corporate Center Calabasas, constructed in phases from 1985 to 1990, has buildings that range from 21,000 to 70,000 square feet. The property recently received a $4 million renovation of building facades, common areas, building lobbies, outdoor plazas with seating and entertainment areas, corridors, restrooms and the addition of new drought‐tolerant landscaping.