A 2.3-acre parcel of land in Warner Center has sold for $11.6 million, according to Calabasas-based brokerage Marcus & Millichap Inc.
The land at 21300 Oxnard St. is a 100,596-square-foot parcel in Woodland Hills, within the boundaries of the Warner Center Specific Plan, which aims to create a commercial core for the San Fernando Valley.
Brandon Michaels, a retail investment specialist, and Lonnie McDermott, a land investment specialist in Marcus & Millichap’s Encino office, held the exclusive listing to sell the land on behalf of the seller, a California limited liability company. The buyer, a California limited liability company, was also secured through Michaels and McDermott in this transaction.
At the time of the sale, 21300 Oxnard St. was in the process of being entitled for a two-phase development. Phase 1 includes a five-story, wood-frame apartment building consisting of 184 units totaling 154,000 square feet with 226 parking stalls. Phase 1 also includes a seven-story, 127-room hotel over one level of below-grade parking. The first floor of the hotel provides amenities for the hotel guests.
Phase 2 includes the addition of a 13-story medical office tower totaling 84,000 square feet over four stories of parking. The first floor of the tower will provide 5,000 square feet of commercial space.