Houston, TX-based The Dinerstein Companies has acquired a 10.4-acre site entitled for 707 apartment units in the Warner Center area of Woodland Hills. With the sale, Panavision, which has been occupying the 154k sf industrial building on the property at 6219 DeSoto Ave, will relocate to a 140k sf building a short walk away on Variel Ave.
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 one-, two- and three-bedroom units.
John Battle, SIOR and Craig Stevens, principals of Lee & Associates-LA North/Ventura, represented the buyer and seller, REW DeSoto Partners, in the transaction, along with Lee principals Jim Fisher and Mike Smith. The deal value was not disclosed.
“This is one of the last remaining, fully entitled multi-family development sites in Warner Center,” said Battle. “And since Panavision is remaining in the immediate area, the community will get a first class apartment project without losing the Panavision job base.”
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