The developer of the Commons at Calabasas--a popular outdoor shopping center on the southwestern edge of the San Fernando Valley--has purchased the adjacent Parkway Calabasas Center for about $18 million.
The 80,000-square-foot strip mall at the intersection of Parkway Calabasas and the 101 Freeway will be remodeled to attract service-oriented tenants, said Rick Caruso, president of Santa Monica-based Caruso Affiliated Holdings. The new mix of tenants will complement the entertainment, food and fashion businesses found across the street at the Commons at Calabasas, which Caruso completed in late 1998.
“This will round out the mix [of tenants] to create a one-stop shopping district,” Caruso said.
Caruso competed against five other bidders for Parkway Calabasas Center, which was sold by Aetna Life Insurance Co. Aetna put the property on the market after Caruso approached the insurance firm about purchasing it last year.
The renovation of Parkway Calabasas Center, which is anchored by a Babies R Us outlet, will feature Mediterranean-style design with new outdoor common areas, landscaping and fountains, Caruso said.
Parkway Calabasas Center, which has about a dozen stores, will have an identity different from the European-style Commons at Calabasas, which has about 200,000 square feet of shops, restaurants and a movie theater. The two facilities will participate in joint marketing and promotional programs, Caruso said.