Investor group pays $21.5M for office campus in Calabasas

A group of investors has bought a nearly 130,000-square-foot office campus in Calabasas for $21.5 million.

Brian Forster of Pacific Partners Commercial, Tony Principe of Westcord Commercial and private investor John Cataldo bought Calabasas Courtyard, containing three office buildings at 5000, 5010 and 5016 Parkway Calabasas, the Commercial Observer reported.

The seller was Awe Capital Management, based in Boston, in a deal priced at $166 per square foot.

The owners of the firm dubbed Calabasas Courtyard, which bought the three-story, Class B office buildings north of the 101 Freeway, plan to upgrade the common areas and suites.

Brokers Kevin Shannon, Alex Beaton, Ken White, Laura Stumm and Michael Moll of Newmark represented Awe Capital in the sale. An unidentified source familiar with the Calabasas Courtyard campus told the Observer it sold for $21.5 million.

The 6-acre Calabasas Courtyard, built in 1985 across the freeway from what is now Lovi’s Delicatessen, has 129,800 rentable square feet, which were 68 percent leased at the time of sale.

“It has averaged more than 90 percent occupancy over the last 10 years, including some with cumulative lease commitments of more than 20 years,” Beaton said in a statement.

— Dana Bartholomew

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