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12/12/18
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Bolour Associates Inc purchased a 50k sf, single-story flex commercial building situated on a three-acre site in Woodland Hills. The property, located at 21200 Oxnard St, is part of the Warner Center 2035 Specific Plan, which promotes high density development in the Warner Center neighborhood of the San Fernando Valley.
A number of the surrounding properties are undergoing an extensive transformation. Immediately west of the property, plans are underway to construct a 120k sf senior housing facility with more than 130 apartment units and a 110k sf medical office building. To the east, a seven-story, 170-room hotel has been planned. Across the street, construction has started on a 461-unit apartment complex that will include a 71k sf office space. Around the corner, a mixed-use development of 263 apartment units and 66k sf of office space is under construction. In addition, the area has several other construction projects in the planning or construction stages.
Nigel Stout and Jim Lindvall with JLL represented both parties in the sale. David Harding, Billy Walk and David Josker of CBRE will oversee leasing of the building. The area has a longstanding occupancy rate for industrial buildings that hovers around 99%, which bodes well for immediate leasing of this product type.
Not only does Bolour expect the property to be leased quickly, but the site’s nearly three-acre parcel holds potential for future development. Bolour has preliminary designs for approximately 380 live/work units that can potentially be constructed on the property.
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