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Article: Arden sells Calabasas building in $7 million deal: listing targeted owner-users for mostly vacant property.(TRANSACTION)(Arden Realty Group Inc.)(Brief article)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 4, 2009
- Author:
CopyrightCOPYRIGHT 2009 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Arden Realty Inc. has sold one of its three remaining buildings at a Calabasas office project to an owner-user. The building had sat largely vacant for nearly a year.
Arden, a unit of General Electric Co.'s GE Real Estate division, sold the 36,660-square-foot building in the Calabasas Commerce Center for $7 million. It was purchased by Kasower Properties LLC, an entity controlled by the owners of Mighty Net Inc., a credit information company that owns the CreditReport.com Web site.
The April 27 deal for the property at 26010 Mureau Road breaks down to $191 per square foot, reflecting the real estate crash. Buildings in good local markets were commanding ...