Lee & Associates Transacts 3.22-Acre Land Sale
Parcel, entitled for 232 apartments or
condominiums, was part of original Panavision HQ site
WOODLAND HILLS, CA – Nov. 10, 2014 – A 3.22 acre land parcel entitled for 232
apartments or condominiums, was sold after attracting multiple offers, according to John Battle SIOR, principal with Lee & Associates-LA North/Ventura, who represented the seller, REW De Soto Partners LLC.
The parcel, located at the northeast corner of Variel Avenue and Erwin Street in the Warner Center section of Woodland Hills, CA, was originally part of the Panavision headquarters site that was sold in 2012.
“The scarcity of vacant land with entitlements in place made this a very attractive offering,” Battle said. “We received at least seven offers and selected a proven local builder who is thoroughly experienced at working with the city of Los Angeles.”
The buyer, California Home Builders, a division of Evenhaim Industries Corp. based in Canoga Park, CA, acquired the parcel for an undisclosed price. The company was represented by Corey Brown of Rodeo Realty. Since its establishment in 1994, California Home Builders has built more than 1,500 homes and 2,000,000 square feet of residential projects in Los Angeles County.
REW De Soto Partners originally sold the 10-acre Panavision site to Dinerstein Cos. with an option allowing the company to re-acquire the 3.22-acre parcel once it was recorded as a separate parcel.
“The strategy from the beginning was to proceed with two separate development plans, one for the six-plus acres acquired by Dinerstein and a second to commence later,” said Battle, who represented both buyer and seller in the first sale in 2012. “We couldn’t proceed with the second plan until the parcel map was recorded in December of last year.”
Dinerstein is finishing up construction of the 395-unit Millennium Woodland Hills, a luxury rental community with multiple courtyards, a fitness center and numerous other amenities.
California Home Builders plans to begin construction in mid-2015.
“We plan to deliver the Valley’s most sought-after address in luxury living,” said Shawn Evenhaim, president of California Home Builders.