Gemdale USA West Coast Value-Add Fund I Closes Calabasas Class A Office Building
Calabasas, California (March 31, 2021)
Gemdale USA West Coast Value-Add Fund I (WCVAF I) announced today the purchase of The Park Calabasas for $79,000,000, a 225,000 sf office campus on over 20-acres. Formerly a single tenant headquarters, the property was recently upgraded and transformed into a multi-tenant campus.
“With lots of open space and outdoor amenities we feel that the property is ideal for post-COVID tenant demand”, stated Lisa Colacurcio, Head of Fund Management. “As the property is currently 92% occupied with 10-year weighted average leasing term, the downside risk is minimal”, she added.
Originally constructed in 1986, The Park Calabasas previously served as a corporate headquarter for several large corporations, such as Countrywide Financial Corporation. The former owner, Rising Realty Group, upgraded several office suites and renovated indoor and outdoor common areas.
“We believe with further upgrades and positioning, the property will establish itself as the premier office destination within the surrounding submarket”, added Tim Nguyen, Head of Acquisitions.
Located at the intersection of the West San Fernando Valley and Conejo Valley submarkets, the campus features walking and jogging paths, campus-wide Wi-Fi, expansive views and a natural running creek. Additional amenities include lush landscaping, open spaces for corporate events, outdoor meetings, private functions and client events, and an on-site cafeteria with many healthy food options. The building is in proximity to several retail amenities, including The Commons at Calabasas and to the Ventura Freeway for easy access.
About Gemdale WCVAF I
Gemdale USA West Coast Value-Add Fund I invests in office and multi-family projects in core markets on the West Coast. WCVAF I is managed by WINS Investment Management USA (“WINS Investment”), an affiliate of Gemdale USA Corporation (“Gemdale USA”). Gemdale USA is headquartered in Pasadena, California, with commercial and residential real estate investments in New York City, San Francisco, San Jose, Seattle, Los Angeles and Dallas.