Adler Realty Investments Inc. of Woodland Hills has purchased a 100,000-square-foot office building in Calabasas for $24 million from Santa Monica’s Century National Properties Inc.
The property, in Calabasas Business Park 2 at 23901 Calabasas Road, is directly across from the Commons at Calabasas shopping center. The two-story building is 95 percent leased to small professional clients who service the San Fernando Valley, including residential brokerage Rodeo Realty.
Adler plans to renovate the building, which dates to 1983 and was last renovated in 2001, by upgrading the lobbies, common areas, landscaping and interior courtyard.
“We are pleased with the acquisition which further expands our local portfolio that now totals 15 buildings within a five-mile radius of the property,” Michael Adler, president of Adler Realty, said in a statement.
The Century National purchased the building in 1993 for $6.3 million, according to real estate data provider CoStar Group Inc. Brokers Bill Bauman and Kyle Miller with Savills Studley represented both sides in the transaction.
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