Woodland Hills Warehouse Sold With Eye Toward Multifamily Development

An 11,880-square-foot warehouse in Woodland Hills has traded hands for $4.2 million, or $350 per square foot, and the new owners want to convert the distribution center into multifamily housing, according to brokerage NAI Capital. NAI Chief Executive Officer Tim Foutz and Vice President Scott Linklater with NAI Capital’s Westlake Village office represented the seller, Hartono 1990 Family Trust. The buyer was SBLP Development. Located at 6233 Variel Ave. in the heart of Woodland Hills’ business corridor, the single-story, fully air-conditioned, free-standing structure features 16 feet of clear height, ground-level loading and automatic roll-up doors. The property, 100 percent vacant at the time of the sale, sits on 24,394 square feet of prime Warner Center real estate. “With land for development in short supply, we are seeing strong demand from investors to purchase assets for redevelopment.” Foutz said. “The West San Fernando Valley in particular is one of the most sought after submarkets in the region, with sales prices at record levels.”