LOS ANGELES-Thrifty Oil Co. of Santa Fe Springs has acquired Warner Gateway, a 255,864-square foot, two-building office campus in Woodland Hills, located in the San Fernando Valley. The all-cash deal was for $40 million in an expedited escrow.
Warner Gateway Partners, a subsidiary of Weingart Foundation, was the seller. Warner Gateway Partners owned the two low-rise office buildings in a class-A location at 21860 and 21820 Burbank Blvd. in Woodland Hills for 20 years. Before it was an office park, the site housed the Warner Bros. movie ranch.
Thrifty Oil--a privately-owned real estate investor that has no ties to the actual energy industry--has typically invested and developed industrial buildings, shopping centers and office buildings. The Warner Gateway acquisition is its first purchase of class-A commercial office buildings.
The building is 85% leased and will lease for $2.10 per square foot. Tenants include Ricoh America and Paychex North America.
Tim Joyce, a principal in CLW Real Estate Services Group of Newport Beach, represented the buyer and seller. It is the second property he has sold in the last year to Thrifty Oil.
“Over the last 12-18 months they have been looking to diversify the portfolio,” Joyce tells GlobeSt.com. He says the property will get a landscape makeover under the new owners, as well as upgrades to several exterior and interior common areas. LEED improvements are also being studied. Joyce says the aim is to provide a new look and feel for the property with renovations that will cost “several million.” The property was built by Trammell Crow in 1989.
Moshe Sassover, SVP of Thrifty Oil, said in a statement that the company is “all-cash buyers and long-term investors who look for top-tier properties in class-A locations that perform well in all economic cycles. Warner Gateway is an excellent example of the type of real estate asset we're looking for.”
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