$25-Million Complex Planned in Calabasas

An industrial real estate development firm has acquired 21 acres in Calabasas, where it plans to build a $25-million technology-oriented complex.

Cypress Land Co. acquired the property from Dag Management Inc. for an undisclosed price. The land, divided into six lots zoned for business park use, is part of the Lost Hills Business Center.

Cypress proposes erecting six buildings, with a total of 350,000 square feet. The company said the project will help satisfy the pent-up demand for space in the West Valley and Conejo Valley.