Colliers Represents Buyer in $4.5M Acquisition of Newly Completed Mixed-Use Development
- Apr 09, 2010
Calabasas, Calif.– Colliers International completed the sale of an 18,000-sq.-ft. mixed-use office and multifamily property located at 24100 and 24106 Calabasas Rd. in Calabasas, Calif., to Seasons Greetings LLP, a commercial and residential real estate development company. The all-cash transaction is valued at $4.5 million.
The newly constructed project consists of one 14,000-sq.-ft. mixed-use building and one 4,000-sq.-ft. apartment building. The two-story main building, at 24100 Calabasas Road, has 7,000 square feet of office space on the ground floor, which Seasons Greetings LLP will occupy, and four apartment units on the second floor, totaling 7,000 square feet. The second building, at 24106 Calabasas Rd., consists of an additional four apartment units.
“The escrow for this deal was complex. Our team’s consultative approach is focused on helping clients maximize their return on investment,” says Jeff Albee, senior vice president in Colliers International’s Encino office, who represented the buyer in transaction, along with Jeff Gould and Chris Itule, both senior associates in Colliers International’s Encino office. “I am hopeful that this transaction is an indicator that the market is gaining some momentum.”
The seller, Galveston, Texas-based American Nation Insurance Co., was represented by David Saeta and Darrin Nickerson of IDS Real Estate Group.