Rreef's two new assets are in LNR Warner Center III at 5700 Canoga Ave. and 21301 Burbank Blvd. LNR developed the two five-story class A buildings as part of an office park that will total 1.3 million sf when completed. The space in the new Rreef buildings is leased to Net Zero, ATK Missile Systems, NXTV, Viking Cruises and Comerica Bank.
The sale to Rreef illustrates the continuing appetite among institutional investors for properties in the Warner Center market, according to Bohlinger, who was part of a CBRE team that brokered a deal in December in which Bentley Forbes of Los Angeles sold the 517,000-sf 21st Century Plaza office campus in Woodland Hills to JPMorgan Fleming of New York for $130 million. Other Woodland Hills office sales last year included L.A.-based Arden Realty's $64.5-million purchase of the 254,000-sf Warner Corporate Center at 21300 Victory Blvd. from Grosvenor, the United Kingdom-based international property development group, in a deal that was brokered by a CBRE team.
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