Courtyard Across from the Commons sells for $50 million
Calabasas center sells for $50 million
SOLD—The Courtyard at the Commons shopping center was bought by an unnamed global asset manager for $50 million, a broker reports.CBRE real estate firm announced it has sold The Courtyard at the Commons shopping center at 23631 Calabasas Road, across the street from The Commons at Calabasas.
An undisclosed global asset management firm bought the 6.8-acre shopping center for $50 million in an all-cash deal, CBRE said.
The former Rick Caruso center was owned by a public employee pension fund at the time of the sale.
“ The property was sold unencumbered by debt and the retail trade area is among the most desirable in southern California, as illustrated by the recent execution of shop leases in the property at monthly rental rates of $4.00 to $4.25 per square foot,” CBRE’s Sam Alison said in a statement.
“The combination generated multiple offers from institutional and private capital buyers,” Alison said.
The center’s major tenants include Babies-R-Us, Wells Fargo, Chase, Bank of America, Riviera Wine Bar & Bistro and Sotheby’s.
Our very own Ewing and Associates Sotheby’s International Realty office is located in the Courtyard across from the Commons.