Calabasas, Calif. — A global asset management firm has acquired the 89,074-square-foot center.
Calabasas, Calif. — The Courtyard at the Commons, an 89,074-square-foot Class A center in the Los Angeles submarket of Calabasas, has sold to an undisclosed global asset management firm for $50 million. The center is located just off Highway 101 across from The Commons at Calabasas. Tenants at the property include Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro and Sotheby’s.
The buyer was self-represented in the all-cash transaction. CBRE’s Private Capital Group Los Angeles Retail Team, including Sam Alison, Dan Riley and Ben Cherney, as well as CBRE’s National Retail Investment Group-West, including Todd Goodman, Gleb Lvovich, Prestow Fetrow and Kirk Brummer, represented the seller, a public employee pension fund advised by CBRE Global Investors.
“The sale provided the buyer with an attractive yield for an institutional-quality asset while providing our client with a healthy return on the life cycle of their ownership,” says Alison. “The property was sold unencumbered by debt and the retail trade area is among the most desirable in Southern California.”