Multifamily firm Kaplan pays $48M for Warner Center retail site

Company plans to develop mixed-use complex

Mike Kaplan and the site (Credit: Google Maps)
Kaplan Companies' Mike Kaplan and the Warner Center site. (Credit: Google Maps)

Multifamily development firm Kaplan Companies paid $48 million for an 8-acre Warner Center retail site, where it intends to build a mixed-use complex. The firm joins a growing number of investors working to transform the Woodland Hills area into a commercial and entertainment hub.

Houston-based Kaplan snapped up the property at 6100 Canoga Avenue, which now includes a 336,000-square-foot Fry’s Electronics location, according to property records and Loopnet.

The seller was Santa Monica-based BLT Enterprises, records show.

Kaplan’s property acquisition was previously reported without a sale price. Its development plans were noted in a Berkadia report. Kaplan representatives did not return calls for comment.

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The site is located a block away from the shuttered Westfield Promenade — where Unibail-Rodamco-Westfield has ambitious redevelopment plans that include 1,432 apartment units, open-air shopping, two hotels, and a 7,500-seat stadium.

Recently, Unibail-Rodamco-Westfield proposed adding 150 units of affordable housing to the first phase of development.

In December, Virtu Investments nabbed an under-construction multifamily development in Warner Center for $71 million.

Meanwhile, South Bay Partners and LAMB Properties teamed up to build a 420,000-square-foot senior living complex on Variel Avenue at Victory Boulevard.