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10/16/18
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A joint venture between LAMB Properties LLC and South Bay Partners Inc (SBP) has acquired a 95k sf site in the San Fernando Valley’s Warner Center area for the development of a 420k sf senior facility. The off-market land deal had a price of $15.25 mil.
SBP plans to demolish an existing, vacant office building on the site and build an eight-story facility on the property, at 6253 Variel and an adjacent property at 6233 Variel Ave. The new facility will include an independent living component with studio, one- and two-bedroom units, an assisted living component and a memory care facility along with a pool, fitness center and open space courtyards.
John Battle, SIOR, with Lee & Associates-LA North/Ventura, transacted the deal.
“SBP has built over 80 senior facilities throughout the United States,” said Battle, “and in performing its due diligence realized there was not a facility of this scope in the area. The Warner Center Specific Plan provides for a live-work-play community, and senior housing is an important component of that mix.”
The Warner Center community, a master-planned neighborhood within the western San Fernando Valley’s Woodland Hills submarket, is governed by a Specific Plan that went through a comprehensive revision process four years ago. The Plan was designed to create a self-contained community of housing, employment opportunities, retail and restaurant options within walking distance and close to mass transit.
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