Houston-based The Dinerstein Companies acquired Panavision’s Warner Center home for an undisclosed amount. Malibu developer Richard Weintraub had long planned to build a new multifamily community on the more than 10-acre site located at 6219 De Soto Ave. The Texas apartment developer purchased the site from REW De Soto Partners, a limited liability company created by Weintraub. Principals John Battle and Craig Stevens of Lee & Associates – LA North/Ventura Inc. represented both parties in the transaction. The property is entitled for 395 market rate apartments and 312 senior units. Dinerstein plans to begin construction this month on a portion of the project, said Josh Vasbinder, a vice president with Dinerstein. The company acquired the property only to build the 395 apartments. REW retains an option to regain ownership of the three acres that are entitled for senior units, Vasbinder said. Weintraub did not return a message left at his office. “We are really excited about the future of the Warner Center-Woodland Hills area,” Vasbinder said. Dinerstein will demolish Panavision’s current headquarters once the camera maker moves down the road into a 145,000 square-foot-building at 6101 Variel Ave., Vasbinder said. A Panavision spokeswoman said the move is planned for August. Wal-Mart to Open Second Store in Simi Valley Wal-Mart Stores Inc. will open a second store in Simi Valley after the company signed a long-term lease for about 75,000 square feet at the long-vacant Mervyns location on Cochran Street, Wal-Mart spokeswoman Delia Garcia said. The new store at 2801 Cochran Street will be a general merchandise store — essentially a superstore, but with limited grocery offerings, Garcia said. Construction is scheduled to begin this summer, and the store is slated to open during the first quarter of 2013. It will employ about 175 workers, Garcia said. Another general merchandise store is located three miles away at 255 Cochran Street, where it has been since 1999. Garcia said customers are looking forward to having another store to shop at in Simi Valley that will expand “access to the Wal-Mart brand and affordable goods to the community.” Earthly Body Buys Chatsworth Building Seeking to accommodate future growth, Earthly Body Inc. has purchased a 40,000-square-foot industrial building in Chatsworth for about $3.8 million, according to the brokerage involved in the deal. The company is moving out of three units — totaling 18,000 square feet — at a Chatsworth business park into its new building at 21900-21910 Plummer Street. The firm will use the building to manufacture and distribute its natural body and skin care products, according to a news release from Colliers International. Senior Executive Vice President John DeGrinis, Associate Vice President Patrick DuRoss and Senior Associate Jeff Abraham of Colliers represented Earthly Body as well as the seller. Brock Burnett and Jeff Gould of Colliers also represented the seller. “We have assisted Earthly Body with its growth over the past four years by structuring short term leases on smaller spaces, waiting for the perfect time to acquire a facility that will accommodate its growth plan for years to come,” Abraham said in a statement. Earthly Body was unavailable for comment. The company plans to move in early June, Abraham said. New Owners for Agoura Hills retail center Loja Real Estate LLC has purchased the Shops at Oak Creek for about $21.75 million. The 36,182 square-foot Agoura Hills shopping center — anchored by Trader Joe’s — was purchased from two owners in deals that closed in late March and early April, according to a news release. “This is an exciting acquisition for Loja Real Estate and its investors due to the accomplishment of consolidating multiple properties in an off-market transaction with Trader Joe’s as the anchor,” Scott Kyman, vice president of acquisitions at Loja Real Estate, said in a statement. Other tenants at the center, located on Canwood Street off the 101 Freeway, include Urbane Café, Ewing & Associates Sotheby’s International Realty, and Freebirds World Burrito. President Matthew May of May Realty Advisors represented the sellers, a private partnership and Woodland Hills-based Adler Realty Investments Inc. May also secured the buyer. The center is 100 percent leased, May said, noting he has been involved with the property since Adler purchased the land to build the center in 2005. Walnut-Creek-based Loja Real Estate LLC is a wholly-owned subsidiary of real estate management firm Loja Group LLC. Colliers International will manage the property for the Loja. Staff Reporter Andrew Khouri can be reached at [email protected]. or at (818) 316-3124.
