Catalina Yachts Facility Poised for Sale Transaction

A private entity managed by prominent developer Richard Weintraub has entered escrow on the Catalina Yachts headquarters and former plant in Woodland Hills. The group is currently mulling its options for developing the site, located in Warner Center, Weintraub said. Possible uses include residential, adaptive reuse or leasing the property out and maintaining an industrial business on the iconic site — once home to a massive yacht building enterprise. “We are just investigating what types of uses we can use the building for,” Weintraub said. Founded in 1970, Catalina Yachts moved into its Woodland Hills headquarters and former plant in 1974. The plant shutdown several years ago, and operations moved to Florida, but several employees still work on the second-floor of the warehouse located along Victory Boulevard. Founder and President Frank Butler confirmed that a deal is in the works. He declined to answer if, once the sale is complete, the firm will exit the San Fernando Valley, move all operations to Florida, or shutter. “That is between my wife and I,” Butler said. “I don’t know what is going to take place.” Others involved in the sale of the property said they were not authorized to disclose details, but confirmed Weintraub is heavily involved and directed questions to the Malibu-based developer. The deal includes two industrial buildings — an 183,792 square-foot industrial warehouse and a separate 15,972 square-foot industrial building — on about 9 acres. Under the deal, Weintraub said he will serve as developer of the site on Victory Boulevard. Weintraub, through Weintraub Real Estate Group and its affiliates, has acquired, developed and renovated numerous retail, office and residential properties throughout the Southland, including the Sportsmen’s Lodge Events Center in Studio City. Infill projects are a specialty. But if the new owner attempts to change the zoning of the property from industrial, they stand to face considerable opposition from within city hall. Los Angeles City Councilman Dennis Zine, who represents a San Fernando Valley district that includes Warner Center, said he will work to maintain the property for industrial use. The Valley has already lost too many industrial jobs with good salaries, he said. Office, retail or residential will not suffice, he said. “We have enough residential. I am not worried about homes. I am worried about the jobs we have to create,” Zine said. “It’s zoned industrial, and I am not going to change that.” With the exception of the few remaining Catalina employees, the property has been largely vacant for years. “All new Catalinas designed and built in the past ten years were built in Florida,” Catalina’s website says. Butler said government regulations, which he called onerous, led him to move the firm’s manufacturing out of state. For now, the local warehouse space is home. The white, wood-paneled lobby is decked out with awards. Weintraub said the property is expected to close escrow next year. The terms of the deal are confidential, Weintraub and others said.