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The Real Deal Los Angeles

Bolour buys Warner Center commercial site with plan for residential complex

Beverly Hills firm is looking to build a 380-unit project on the 3-acre site
December 14, 2018 03:19PM

Bolour Associates CEO Mark Bolour and 21200 Oxnard Street

Bolour and Associates has picked up a three-acre commercial property in Woodland Hills with strong development potential.

The Beverly Hills firm did not disclose what it paid for the site at 21200 Oxnard Street. The property currently is home to an aging 52,600-square-foot, single-story commercial building that’s leased to Thermo Fisher Scientific, a medical device maker, according to the San Fernando Valley Business Journal.

Adam Eisenberg, Bolour’s head of acquisitions, said in a statement that his firm picked up the property because of “the ability to use the existing building for industrial or office use, coupled with the area’s transformation and the site’s development potential.”

Bolour has a preliminary design in hand with 380 residential units.

The site is within the Warner Center 2035 Specific Plan, which allows for up to 30 million square feet of dense new development in a 1,100-acre area, including commercial and multifamily development. The goal of the plan is to create a new downtown urban center there.

More than 2,500 new residential units have been filed within the specific plan area since it took effect in 2013.

Among the larger projects recently planned there is Adler Realty Investments’ mixed-use residential, hotel, and office complex and a 24-story office tower and 206-unit residential building by California Home Builders.

There’s some large development properties on the market as well. The 47-acre former Rocketdyne site is up for grabs and a 25-acre plot that was formerly part of the Anthem Inc. headquarters on Oxnard Street is for sale as well. [San Fernando Valley Business Journal] – Dennis Lynch