Developer buys Calabasas acreage

The Koll Company, a Newport Beach-based real estate company, recently purchased land in Calabasas, said to be the last undeveloped parcel in the East Calabasas submarket.

The company paid $12 million for 4.97 acres at 24141 Ventura Blvd., just north of the 101 Freeway at the Parkway Calabasas exit.

The company plans to construct 85,000 square feet of Class A office condominiums which will offer business owners the opportunity to purchase their own office space. The company also owns the adjacent development, Calabasas Courtyard.

The seller, a joint venture comprised of Troxler Value Fund and D2 Development, partnered in the sale. D2 Development, headquartered in Calabasas, develops office, mini storage, residential and retail projects primarily in Los Angeles and Ventura counties.

The two companies have partnered on several other projects in Southern California