WARNER CENTER BUSINESS PARK INVESTMENT PAYING OFF.Byline: Gregory J. Wilcox Wilcox may refer to: Place names in the United States
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WOODLAND HILLS - Kearny Real Estate Co.'s aggressive marketing of Warner Center Business Park is paying off as the firm will have sold 11 of the complex's 15 buildings by Wednesday, officials said Monday. Los Angeles-based Kearny bought the 468,000-square-foot business park in November 2002 from the Alaska Permanent Fund The Alaska Permanent Fund is a constitutionally established Fund, managed by a semi-independent corporation, established by Alaska in 1976. Shortly after the oil from Alaska’s North Slope began flowing to market through the Trans-Alaska Pipeline System, the Permanent Fund was and Harvard Endowment Fund Noun 1. endowment fund - the capital that provides income for an institution endowment patrimony - a church endowment chantry - an endowment for the singing of Masses . The purchase price was not disclosed, but commercial real estate officials estimated that Kearny paid between $55 million and $60 million for the property. After the purchase, Kearny invested $5 million in upgrades and wrote between 130,000 square feet to 150,000 square feet of new and renewal leases, said company Vice President Rob Arron. ``It's been a good investment. It's a great business park and just a very desirable piece of real estate for any business,'' he said. Arron declined to disclose the selling price of the buildings. They comprise about half of the square footage. One buyer, a woman who did not want to be identified, recently paid $22.8 million for a six-building portfolio totaling 168,457 square feet. Tenants in this portfolio include Science and Applied Technology Inc.; the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. Bar Association; University of West Los Angeles The University of West Los Angeles (UWLA) is a private, non-profit School of Law with two campuses in the Los Angeles metropolitan area in Inglewood and Woodland Hills, California. The School of Law is accredited by the Committee of Bar Examiners of The State Bar of California. Law School and California Lutheran University Mission statement The University's mission statement is as follows: "California Lutheran University is a diverse, scholarly community dedicated to excellence in the liberal arts and professional studies. . David Sonnenblick, a principal in Los Angeles-based Sonnenblick-Eichner Co. represented the buyer. Five of the buildings are fully occupied. ``Warner Center Business Park provides a tremendous investment opportunity due to its competitive rent structure within one of Southern California's premier master planned developments,'' he said. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com |
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