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3/04/20
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The U.S. Postal Service (USPS) has signed a long-term lease for a 52k sf building owned by Bolour Associates Inc in the Warner Center area of the San Fernando Valley. The facility sits on three acres at 21200 Oxnard St, north of the 101 Fwy about midway between Canoga and De Soto Aves.
Under the NNN lease, the USPS will transform the vacant industrial building into a sorting center and post office to serve the area’s rapidly rising commercial and residential base. According to Bolour CEO Mark Bolour, when the firm purchased the property they had envisioned redeveloping the site into a 300-unit multifamily and commercial project, but with the area’s industrial vacancy rate today at less than 1%, user demand and rents grew fast enough that it made more sense to lease now and hold for potential redevelopment in the future.
The site is located in the heart of Warner Center, a master-planned district located along Highway 101 between Woodland Hills and Canoga Park, northwest of downtown Los Angeles. The site sits adjacent to a brand new, 174-room Home2Suites Hilton hotel and is surrounded by hundreds of new or planned high-end apartment units, including the $70 mil Vela on Ox at 21221 Oxnard St and a seven-story residential project at 6045 Variel Ave that includes 263 apartments, including 11 ground-floor live/work units. Entitlements are currently underway for a medical office building and additional hotel on the opposite side of the Bolour site.
Built on ranch land originally owned by Harry Warner of Warner Brothers, the 1.5-square-mile Warner Center is enjoying a resurgence of new office and multifamily development, and the redevelopment of existing commercial space including Westfield’s massive redevelopment of the Westfield Promenade mall and a brand new, $1 bil mixed-use redevelopment by Adler Realty Investments. This activity is directed by a recently adopted 2035 Specific Plan, guiding the future of the high-density, transit-oriented hub with a mix of office, light industrial and retail product with park space and walking paths connected to a Metro Orange Line station.
Dan Reidy of JLL represented USPS in the lease negotiations. Billy Walk, David Harding, David Solomon and Laura Marcus with CBRE repped Bolour. Build-out of the new USPS location is expected to begin in the spring of 2020.
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