WOODLAND HILLS, CA-A development team of partners from Calabasas and Woodland Hills plans to build a multifamily project on an 8.3-acre site at 20600 Ventura Blvd. that the partners have acquired from Assembly Hall of Jehovah’s Witnesses for $25 million, according to John Battle and Craig Stevens of the LA North/Ventura Inc. office of Lee & Associates, who brokered the sale. The transaction was one of the most unusual in the Los Angeles area in some time in a number of respects, according to Battle. “This is an extremely rare property, both in terms of being a development site in Woodland Hills and a large site on Ventura Boulevard,” Battle tells GlobeSt.com. The site is also unique, Battle notes, in that it once was a live theater and, most recently, was a special events facility for the Assembly Hall of Jehovah’s Witnesses. The property is occupied by a 2,200-seat building that was originally developed as the Valley Music Theater, a live theater in the round. Battle, who recalls attending shows at the venue when it was still a theater, says the church bought the property decades ago from entertainer Bob Hope and was using it as a special events venue right until the time of the recent sale. The church has since outgrown the building and has moved its special events to a facility in Mira Loma. The buyer is a partnership of Troxler Residential Ventures XXVI of Woodland Hills and D2 Development Inc. of Calabasas. Battle says the new owners most likely will develop condominiums, which are a permitted use on the property under the Cahuenga-Ventura Boulevard specific plan. “There have been very few residential developments on Ventura Boulevard in recent years,” Battle notes, and this scarcity of such development sites is one reason the property commanded a price of approximately $3 million per acre.

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