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Friday, Mar 29, 2024

Most of Final Phase of The Plant Sold

Voit Development Co. and Selleck Development Group have sold two of five facilities that comprise the final phase of the redevelopment of the former GM facility in Panorama City. The developers of The Plant, a mixed use project that was begun in the late 1990s, have closed on one, 200,000-square-foot building that was sold to Zodax and a 220,000 square foot property that was sold to Living Spaces Furniture. The sale of a third property to Veratex is expected to close shortly as is a fourth, smaller property. The fifth building will be leased. The latest sales mark the completion of what has been considered one of the most successful redevelopment projects in the Valley and one that has been largely credited with helping to revitalize Panorama City. The first phase included an industrial complex and a retail shopping center. In all, The Plant comprises 1.75 million square feet of space on 26 acres of land. Living Spaces, which has two stores in Rancho Cucamonga and La Mirada, will be opening its first San Fernando Valley store with the move. The showroom will occupy about 103,000 square feet with another 72,000 feet dedicated to warehouse space. Living Spaces business model offers customers the opportunity to select furniture for immediate delivery. The store also distinguishes itself with a concept it calls “shoppertainment.” Customers are invited to peruse the offerings while sipping coffee or soda. There is a big screen TV with recliners for those who want to take a break from shopping, and the retailer provides a kid’s room equipped with books, movies and videogames. Zodax, a distributor of home accessories, and Veratex, a linens maker, both were among the earliest purchasers of properties at The Plant. The newest acquisitions comprise additional space for the companies. The property, at Van Nuys Boulevard and Arminta Street, had been the site of a General Motors assembly facility that went dormant in the 1980s. Workers at the GM plant had once built the Panorama City area into a thriving suburb, but with the discontinuation of the operation, the area languished. GM initially sold a large portion of the property but retained the portion that comprised the second phase, including the 220,000 square foot building acquired by Living Spaces. Living Spaces will demolish a part of that property to renovate the space in a way better suited to its needs. Calls to the company were not returned at presstime. Neither Voit nor Selleck would comment on the price paid for the buildings. Brokers familiar with the area estimated that the Zodax property sold for somewhat less than $20 million. The Living Spaces property was listed at $24.2 million prior to the sale. David Hoffberg and Jerry Scullin, brokers with Delphi Business Properties, represented Zodax in the deal. Neither was available to comment for this story. John DeGrinis, Brent Weirick and Patrick Duross, brokers with Colliers International, represented the developers and Living Spaces. The team is also marketing the remaining building, a 17,000 square foot property that Selleck Development will offer for lease. They were not available for comment at presstime.

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