A multifamily mixed-use development site at 6036 Variel Ave. in Woodland Hills has sold for $7.2 million, or $137 per square foot.
CBRE Group Inc.‘s Laurie Lustig-Bower and Kamran Paydar represented the seller, a private investor, in the sale. The property was purchased by a joint venture of Lyon Living, Paloma Communities and Urban Stearns.
“Warner Center is an important and thriving regional hub for the entire San Fernando Valley and is an outstanding development opportunity that brings together multifamily residential, office employment, destination retail, hospitality, higher education and public transit uses,” Lustig-Bower said in a statement.
Added Paydar, “The future development envisioned for this site will benefit from Woodland Hills’ strong multifamily fundamentals, favorable income and education demographics, and walkability to public transit via the Metro Orange Line.”
Warner Center continues to receive significant investment capital. The Kroenke Group last year invested $650 million in acquisitions of more than 65 acres in the area. At one of the properties — the former Westfield Promenade mall — Stan Kroenke plans to build the headquarters and two practice fields for the Los Angeles Rams.
Warner Center has more than 6 million square feet of office space. Roughly 40,000 employees work within the Warner Center area, with major employers including HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital and Pierce College. Major shopping centers at Warner Center include Westfield Topanga Mall and The Village, which is now owned by Kroenke.