Multifamily development firm Kaplan Companies paid $48 million for an 8-acre Warner Center retail site, where it intends to build a mixed-use complex. The firm joins a growing number of investors working to transform the Woodland Hills area into a commercial and entertainment hub.
Houston-based Kaplan snapped up the property at 6100 Canoga Avenue, which now includes a 336,000-square-foot Fry’s Electronics location, according to property records and Loopnet.
The seller was Santa Monica-based BLT Enterprises, records show.
Kaplan’s property acquisition was previously reported without a sale price. Its development plans were noted in a Berkadia report. Kaplan representatives did not return calls for comment.
The site is located a block away from the shuttered Westfield Promenade — where Unibail-Rodamco-Westfield has ambitious redevelopment plans that include 1,432 apartment units, open-air shopping, two hotels, and a 7,500-seat stadium.
Recently, Unibail-Rodamco-Westfield proposed adding 150 units of affordable housing to the first phase of development.
In December, Virtu Investments nabbed an under-construction multifamily development in Warner Center for $71 million.
Meanwhile, South Bay Partners and LAMB Properties teamed up to build a 420,000-square-foot senior living complex on Variel Avenue at Victory Boulevard.