Voit sells last of his Warner Center holdings to CarrAmerica Realty.WARNER CENTER - Big Washington D.C.-based real estate investment trust CarrAmerica Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. is scheduled to close its purchase this week of developer Robert Voit's last Warner Center real estate holdings. The fast-growing REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). , which is opening a local office in Warner Center, is paying about $54 million for a dozen lowrise office/R&D buildings totaling about 343,000 square feet. It is currently more than 95 percent leased. The portfolio is known as the "F and G block" portion of the big Warner Center Business Park that Voit Voit , Carl von 1831-1908. German physiologist known for his studies on metabolism. and partners developed during the late-1970s and early- 1980s. A CarrAmerica spokeswoman confirmed that the sale is about to close, while also noting that the pending purchase had been disclosed in a recent prospectus the REIT disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. in connection with an 8.4 million-share secondary public stock offering. The prospectus also notes that the buyers are assuming about $26 million in mortgage debt secured by the real estate. Voit didn't return phone calls, and the broker said to be handling the sale - CB Commercial Real Estate Group Inc.'s Bill Palmer in Sacramento - referred calls to the buyer and seller. Over the past quarter-century, Voit has been the key figure behind Warner Center's emergence as perhaps L.A. County's premier suburban commercial district. He and his local partners teamed with Boston's Copley Real Estate Advisors in developing the "lowrise" Warner Center Business Park. During the 1980s and into the early-1990s, the Voit-Copley team followed with the so-called Warner Center Plaza "highrise block," encompassing the five glass-skinned office towers along Oxnard Street that comprise Warner Center's most visible skyline. But as the local economy and commercial real estate markets soured sour adj. sour·er, sour·est 1. Having a taste characteristic of that produced by acids; sharp, tart, or tangy. 2. Made acid or rancid by fermentation. 3. , Copley and its parent company, New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Mutual Life Insurance Co., ended up taking near-full control of the portfolio while "buying back" debt on many of the biggest office towers from lenders. Voit Cos. continues to manage the buildings. Voit and some of his individual partners ended up owning the F and G block - with most of the buildings along Burbank Boulevard and Warner Center Lane - through a partnership called Voit Warner Properties. The portfolio's newest tenant is the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , scheduled to open a major new facility at 21041 Burbank Blvd. late this month. |
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