Los Angeles (September 17, 2015) – Adler Realty Investments, Inc. (Adler) purchased a two story office building in Calabasas, CA for $24,000,000. The property which is along the 101 freeway is located on Agoura Road directly across the street from The Commons at Calabasas, the prominent shopping and dining complex in the area.
Adler plans to renovate the building, including upgrades to the lobbies, common areas, landscaping, and interior courtyard to provide the property a more updated image. The 100,000 square foot building is 95% leased with mostly small professional clients who service the San Fernando Valley along with Rodeo Realty, a leading residential broker in the area.
“We are pleased with the acquisition which further expands our local portfolio which now totals fifteen buildings within a five mile radius of the property,” said Michael Adler, president of Adler. “Chris Engel, our director of acquisitions, is aggressively looking throughout the western United States for other investment opportunities beyond the nine transactions we have already closed this year.”
Bill Bauman and Kyle Miller with Savills Studley represented both Seller and Buyer in this transaction.