09.29.2017

Majestic Asset Management Completes $53 Mil LA Area Office Buy

RenTV, September 29, 2017

Majestic Asset Management closed on a recent LA-area office buy, paying $53 mil for Corporate Center Calabasas, a 325k sf ($163/sf), Class A office campus located in Calabasas, at the very western edge of the San Fernando Valley. The seller was a joint venture of Lincoln Property Company and Angelo, Gordon & Co.

The seven-building property sits on 14.75 acres of land along Agoura Rd, between Lost Hills Rd and Las Virgenes Rd. It as approximately 78% leased at time of closing.

Corporate Center Calabasas, constructed in phases from 1985 to 1990, features a highly‐desirable campus configuration of separately‐parceled buildings ranging from 21k sf to 70k sf, sized to allow the option for accretive dispositions to owner/occupants and individual investors. The property received recent renovations totaling nearly $4 mil. The improvements include new wood building facades with graphical enhancements, and upgraded common areas, building lobbies, outdoor plazas with seating and entertainment areas, corridors, restrooms and the addition of new drought‐tolerant landscaping throughout the complex.

The property provides direct adjacency to the 101 Fwy, offering immediate freeway access and unbeatable sightlines for tenant signage. The location is also adjacent to several executive housing communities which offer affluent housing stock and an outstanding quality of life. These include Calabasas, Westlake Village, Malibu, Hidden Hills, Thousand Oaks, Agoura Hills, and Newbury Park.

Majestic, headed by David Fradin, is a Southern California‐based investment, development, and management firm that plans to re‐position the complex using creative finishes to target the growing base of dynamic tech, media and bioscience tenants in the market. Majestic will improve the exterior and common areas of the property, creating a lifestyle environment. Amenities will include an on‐site restaurant and a full‐service gym with membership free of charge to all tenants.

Bob Safai, Matt Case, and Brad Schlaak with Madison Partners represented both parties in the transaction. Madison Partners also arranged a $44.7 mil first mortgage loan with Square Mile Capital to finance the acquisition and lease‐up of the property.