PLAYA VISTA, CA-Shorenstein Properties of San Francisco and joint venture partner Worthe Real Estate Group of Santa Monica have acquired a 20-acre site at 13031 Jefferson Blvd. and plan to redevelop the site, which is entitled for up to 380,000 square feet of office space. Terms of the transaction were not disclosed, but the purchase was made through a lender-facilitated sale.

The property includes two existing office/warehouse buildings totaling 380,000 square feet. One is a 330,000-square-foot building that was constructed in 1971, with a smaller single-story annex added in 1995. Both buildings are vacant but until 2005 were used as a distribution center by the US Postal Service.

Charlie Malet, EVP of investments for Shorenstein, commented in an announcement regarding the acquisition: “The prime location and fundamentals of this site provide us with a perfect opportunity to create a state-of-the-art, sustainable office campus offering one of the largest contiguous blocks of space in the Playa Vista market with broad appeal to users, especially creative companies such as technology firms as well as digital, arts and media tenants.”