Waterton Acquires 522-Unit Warner Center Apartments: The Los Angeles Deal Sheet

Waterton acquired the 522-unit Amli Warner Center apartments in Woodland Hills for an undisclosed price. It will rebrand the complex as Kitt at Warner Center. 

The property features one-, two- and three-bedroom units. Only “a small percentage” of units have been updated, creating an upgrade opportunity Waterton intends to seize. The property was built in 2007, making it a good addition to Waterton’s value-add program, according to a release from Waterton. 

The acquisition brings the firm’s holdings in the Los Angeles area to 3,316 units.

PEOPLE

Westwood Financial announced the appointment of KC Bills as the company’s new CEO. Prior to joining Westwood Financial, Bills was senior vice president and resident of the West portfolio at Philips Edison & Co., a major owner and operator of grocery-anchored retail.

SALES

The owner of The Park Wilshire, a 170-unit Mills Act-designated apartment building on Wilshire Boulevard in Koreatown, sold it to Concord Capital Partners. Colliers' Kitty Wallace and Simmi Dhillon represented the undisclosed institutional seller and the buyer. 

The sale price wasn't disclosed, but the transaction included an adjacent 14K SF parking lot, which a release from Colliers says is a development opportunity.  

***

CBRE announced the $9.6M sale of a 22-unit multifamily property at 313 and 325 E. 17th Place in Costa Mesa. This was the first time the asset was on the market in more than 25 years.

CBRE’s Dan Blackwell and Mike O’Neill represented the undisclosed buyer, a private investor based in Fountain Valley. CBRE has completed approximately eight transactions with this repeat client. The seller was a private investor from Orange County.

LEASES

Dedeaux Properties has signed an unnamed third-party logistics company to a long-term lease for an entire 165K SF warehouse and distribution facility in Fontana.

The 7.4-acre property is on the southwest corner of Slover and Cherry avenues at 14457 Slover Ave. The building was completed late last year and features a 36-foot clear height, 21 docks, a sprinkler system and a large secured truck yard with 50 trailer parking stalls.

***

International labor and employment law firm Fisher Phillips LLP signed two new office leases, including one in Downtown and one in the San Fernando Valley. The firm signed a 36K SF lease at 515 S. Flower St. in Downtown’s Financial District. The firm also signed a 14K SF lease at 21600 Oxnard St. in Woodland Hills.

JLL’s Jim Schoolfield and Kevin Bender represented Fisher & Phillips in both leases. For the deal on Flower Street, landlord Commonwealth Partners was represented in-house by John Bendetti. For the lease on Oxnard Street, landlord Douglas Emmett was represented in-house by Ali Mourad.

FINANCING

A joint venture of Space Investment Partners and PCCP has announced the $70M recapitalization of University Square, a 199K SF grocery-anchored retail center at 5821-5975 University Ave. in San Diego.

The 98.5%-occupied center includes tenants Food 4 Less, Marshalls, Crunch Fitness and Dollar Tree. The proceeds will be used to enhance the property and upgrade the tenancy, according to a release from the JV.