{"id":1004289827,"date":"2019-01-07T04:12:44","date_gmt":"2019-01-07T12:12:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004289827"},"modified":"2022-12-08T01:29:55","modified_gmt":"2022-12-08T09:29:55","slug":"kilroy-realty-sells-225-ksf-la-area-office-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-sells-225-ksf-la-area-office-park\/","title":{"rendered":"Kilroy Realty Sells LA-Area Office Park for $78M"},"content":{"rendered":"<p>By Scott Baltic<\/p>\n<div id=\"attachment_1004289842\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004289842\" data-attachment-id=\"1004289842\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-sells-225-ksf-la-area-office-park\/calabasas-park-centre\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Calabasas Park Centre\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Calabasas Park Centre&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg?w=800\" class=\"wp-image-1004289842 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg\" alt=\"Calabasas Park Centre\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Calabasas-Park-Centre.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004289842\" class=\"wp-caption-text\">Calabasas Park Centre<\/p><\/div>\n<p>Kilroy Realty Corp. has sold Calabasas Park Centre in Calabasas, Calif., in western Los Angeles County, between the Santa Monica Mountains and Highway 101. The Class A property commanded a price of $78.2 million.&nbsp;Newmark Knight Frank negotiated the deal on behalf of the buyer, a joint venture between Related Fund Management and Cruzan. The partnership paid $78.2 million for the&nbsp;three-building 225,340-square-foot office campus.<\/p>\n<p>Kilroy&nbsp;developed&nbsp;the LEED Gold property, which was 96 percent leased at the time of sale,&nbsp;in phases between 2000 and 2001.&nbsp;It consists of two four-story and one two-story office buildings at 23925, 23975 and 24025 Park Sorrento.&nbsp;The office park has a highly diversified roster of about 38 tenants and with no single tenant occupying more than 10 percent of the project.<\/p>\n<p>The site is adjacent to Caruso\u2019s The Commons at Calabasas, a prominent open-air retail center, and is also within walking distance of Parkway Calabasas Shopping Center and easily accessible from the 101 Freeway.<\/p>\n<h2>Doing better than average<\/h2>\n<p>NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Brunson Howard, and Senior Managing Directors Michael Moll and Laura Stumm represented the seller.<\/p>\n<p>\u201c<em>Calabasas Park Centre\u2019s stabilized in-place cash flow, amenity access, construction quality and strong historical asset performance drove significant investor interest<\/em>,\u201d Moll said in a prepared statement.<\/p>\n<p>\u201c<em>Calabasas Park Centre offered investors unique scale at an attractive discount to replacement cost for one of the Conejo Valley\u2019s top office assets,<\/em>\u201d&nbsp;Shannon added.<\/p>\n<p>The adjacent San Fernando Valley submarket has an average total vacancy of 9.0 percent on an inventory of about 32.7 million square feet, and the average direct rental rate is $2.54 per square foot, according to a third-quarter report from Kidder Mathews.<\/p>\n<p>Just two months ago, Kilroy made news when <a href=\"https:\/\/www.commercialsearch.com\/news\/netflix-preleases-all-office-space-in-hollywood-project\/\">Netflix preleased all 355,000 square feet of office space<\/a> at the developer\u2019s Academy on Vine mixed-use project.<\/p>\n<p><em>Image courtesy of NKF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 225,000-square-foot campus encompasses two four-story buildings and a two-story building completed in 2000 and 2001. At closing, the asset was 96 percent occupied.<\/p>\n","protected":false},"author":882,"featured_media":1004289842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1594,21742,21747,15],"tags":[33532,33612,33134,36007],"class_list":["post-1004289827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-los-angeles","category-latest","category-office","category-west","tag-kevin-shannon","tag-kidder-mathews","tag-kilroy-realty-corporation","tag-newmark-knight-frank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kilroy Realty Sells LA-Area Office Park for $78M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kilroy-realty-sells-225-ksf-la-area-office-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kilroy Realty Sells LA-Area Office Park for $78M\" \/>\n<meta property=\"og:description\" content=\"The 225,000-square-foot campus encompasses two four-story buildings and a two-story building completed in 2000 and 2001. 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