Arden sells property for $1.5 billion

The buyer is Cabi West, the local subsidiary of major Mexican real estate developer GISCA, and it covers a 33-property portfolio in L.A., Orange, San Diego and Ventura counties. The sale, reported this afternoon by the Business Journal, is another sign that Arden, which was acquired last year by GE Real Estate, wants to adjust its portfolio. As a public company headed by Richard Ziman, Arden stuck to smaller office buildings on the Westside, OC and portions of San Diego. The new Arden has been looking to expand into other markets, especially in the West. Cabi Developers is the U.S. unit of GISCA, and it has been quite active in the South Florida condo market. But there's very little information on Cabi West, such as whether it has much experience in office management. The 33 buildings range in size from 33,000-300,000 square feet.