Chicago-based investment firm Walton Street Capital has bought a manufacturing facility in Woodland Hills, California, with plans to redevelop it into a Class A complex.
An affiliate of the firm spent $60 million to buy the 183,000-square-foot property at 21200 Victory Boulevard, Los Angeles County records show. Walton Street Capital announced the deal last week, but didn’t disclose the price.
The company scored a $52.5 million loan from Mesa West, a Los Angeles-based commercial lender, to purchase the property, according to loan documents filed with the county.
The property was previously owned by an entity linked to Frank Butler — the founder of sailboat builder Catalina Yachts, who passed away in November of 2020. Catalina Yachts had occupied the space for its headquarters.
Located across nine acres of “underutilized land,” the site is primed for redevelopment into a modern industrial building that can be leased to multiple firms, Walton Street’s Andrew Gindy said in a statement.
Walton Street Capital’s industrial purchase comes amid historically low vacancy rates for all industrial properties across Los Angeles and the San Fernando Valley. Around 1.1 percent of all properties were vacant across the Valley in the fourth quarter of last year, according to Newmark.
It’s not the firm’s first industrial buy. Last month, Walton Street bought a newly built, 183,000-square-foot complex in the Inland Empire for $70 million. The property is fully leased to PAE Technologies, a contractor for the U.S. Post Office.
Recently, the company and Greenlaw Partners put up a 350,000-square-foot office complex in Orange County up for sale, with an asking price of $100 million.