Warner Center Business Park Sells for $80 MillionThursday, May 16, 2013
The 13-building Warner Center Corporate Park has sold for $80 million.
The Woodland Hills property was acquired by real estate investment firm Adler Realty Investments Inc. and LLJ Ventures from Equity Office Properties Inc. of Chicago. Adler is headquartered in the low-rise office park at De Soto Avenue and Califa Street.
“We are excited about the long-term prospects of Warner Center, and the portfolio of properties we are acquiring will allow us to participate in its resurgence,” said Michael Adler, president of Adler Realty, in a statement.
Current tenants of the 410,855-square-foot park include Girl Scouts of Greater Los Angeles, Allstate Corp. and SD Entertainment.
The 26-acre property is zoned for additional commercial and multifamily residential development, though Adler has no immediate plans to redevelop or expand the park.
Kevin Shannon, Tom Bohlinger, Ken White and Michael Longo of CBRE Group Inc.’s El Segundo office represented Equity Office in the transaction.