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August 21, 2018
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Majestic Asset Management Picks Up 53k sf Office Asset in Warner Center

6/08/18

A 53.4k sf, Class B office property in the western San Fernando Valley’s Warner Center submarket sold for $14 mil, or $262/sf. The two-story building is situated on 2.94 acres of land at 5955 De Soto Ave, at the corner of De Soto and Oxnard St.

Bob Safai, Matt Case, and Brad Schlaak with Madison Partners represented the seller, Majestic Asset Management. The buyer, a private trust, was repped by Chuck Wilson and Brian Chastain of Colliers International, along with Brian Forster of Pacific Partners Commercial. The property was approximately 97% leased upon closing.

Majestic, headed by David Fradin, is a Southern California-based investment, development, and management firm that had entitled the property for 368.9k sf of mixed-use development in accordance with the Warner Center 2035 Specific Plan. The plan, a transformative development guideline for the area, has rapidly changed this market into a premier urban destination.

Known as the “Downtown” of the San Fernando Valley, Warner Center is undergoing a massive wave of infill redevelopment to include the addition of nearly 18,000 additional housing units and 15 msf of commercial space, all within a connected, walkable, transit-served urban setting that promotes job concentration and economic growth.





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