4500 Park Granada marks another acquisition for Cross Ocean Partners and Palisade Group

Cross Ocean Partners and Palisade Group have jointly completed the acquisition of 4500 Park Granada, a Class A office property located in Calabasas, California. The property, a 222,667 square foot asset spread over a 20-acre site, comes fully leased with diverse tenants ranging across consumer goods, insurance, hospitality, co-working, and financial services sectors. Originally developed as a corporate HQ for Lockheed Martin and later Countrywide, the office campus has undergone substantial renovations, enhancing its sustainability credentials. The $69.4 million all-cash purchase underscores the asset’s appeal, with the price deemed significantly below replacement cost and recent market transactions, highlighting the strategic value of the acquisition given the substantial barriers to entry in the market. Cross Ocean Partners, a specialist asset management firm with expertise in credit and hard asset investments, and Palisade Group, with a focus on lifestyle and gateway submarkets, see this acquisition as a strategic addition to their portfolios. The property's advantageous features include its prime location, robust amenity package, and long-term tenants. Newmark Capital Markets orchestrated the transaction on behalf of the seller, Gemdale USA.