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12/20/16
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In an institutional office buy out of the west San Fernando Valley, a joint venture between Angelo, Gordon & Co and Lincoln Property Company purchased LNR Warner Center IV, a 510.1k sf, two-building Class A office property in Woodland Hills, for $147 mil ($288/sf). The acquisition included a 0.88-acre land parcel that allows for a 7.5k sf retail building.
Located at 21255 and 21215 Burbank Blvd, north of the 101 Fwy between De Soto and Canoga Aves, LNR Warner Center IV includes two six-story buildings that were built in 2008. It is the newest phase in LNR Warner Center’s four-phase master-planned office campus which totals 1.3 msf in seven office buildings. LNR Warner Center IV is offers a strong tenant roster which includes Intuit, Activision, New York Life Insurance, Well Fargo, United Online, and Kaiser Permanente.
LNR Warner Center IV features large floor plates, building top signage, abundant parking, fitness center, cafeteria, basketball court, and data center. It is also near a variety of dining options, residential developments, hotels, retail and the newly developed lifestyle center, The Village at Westfield Topanga.
Kevin Shannon, Ken White, Rob Hannan, and Laura Stumm of NGKF Capital Markets in Los Angeles, along with local market experts, Jim Lindvall and Dan Sanchez of JLL, represented the buyer and the seller in the deal. David Milestone and Scott Selke of NGKF Capital Markets arranged the debt on behalf of the buyer.
“LNR Warner Center IV is a trophy asset and is one of only 12 institutional office projects that have been constructed over the past 10 years in Los Angeles County,” said NGKF’s President of West Coast Capital Markets, Kevin Shannon. “The building quality combined with its outstanding location has attracted some key tenants over the past 18 months. The buyer will have a prime opportunity to add even more value through lease-up of vacancy, as well as development of the retail property.”
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