Torrance, CA – April 10, 2012 – (RealEstateRama) — Houston, Texas-based developer The Dinerstein Companies has acquired a 10.4-acre site entitled for 707 apartment units in the Warner Center area of Woodland Hills, Calif., according to John Battle, SIOR and Craig Stevens, principals of Lee & Associates-LA North/Ventura, Inc., who represented the buyer and seller in the transaction with Lee principals Jim Fisher and Mike Smith.
With the sale, Panavision, which has been occupying the 154,000-square-foot industrial building on the property at 6219 DeSoto Ave., will relocate to a 140,000-square-foot building a short walk away on Variel Ave.
â€śThis is one of the last remaining, fully entitled multi-family development sites in Warner Center,â€ť said Battle. â€śAnd since Panavision is remaining in the immediate area, the community will get a first class apartment project without losing the Panavision job base.â€ť
Additional terms of the transaction were not disclosed.
The Dinerstein Companies, a family-owned, fully integrated real estate company, has completed over 50,000 apartment units in 26 states. Since 2010, 2,300 units have been completed or are under development in Southern California.
Aware of Dinersteinâ€™s prominence in the development community and its recent experience in Warner Center specifically, the Lee team approached Dinerstein executives with the off-market transaction on behalf of the seller, REW DeSoto Partners. Dinerstein Companies recently completed the development and sale of another urban infill multi-family project, The Millennium Warner Center. That project is the first LEED Silver certified luxury apartment community in the San Fernando Valley.
â€śThe visibility of this property, on DeSoto Avenue in the heart of Warner Center, and the communityâ€™s forward-thinking approach to planning made this a very exciting opportunity,â€ť said Josh Vasbinder, vice president of The Dinerstein Companies. â€śThe Village at Westfield Topanga has just been approved, adding to the already plentiful amenities for residents of the area, and the outlook for this community is very positive.â€ť
Warner Center, a master-planned community in the San Fernando Valley of Los Angeles, is in the process of completing revisions to its Specific Plan, which calls for a balance of live-work options in walk-able neighborhoods with access to many public transportation options. The Village at Topanga, under development by Westfield Co. will be a mixed-use project featuring retail, dining, community spaces and social activities.
As part of its agreement, The Dinerstein Companies will begin construction work immediately, although demolition of the existing building will not commence until Panavision has vacated in August 2012.
Dinerstein is planning a wrap design with 1-, 2- and 3-bedroom units
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
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