Sports

Rams owner Stan Kroenke buys Village mall in Woodland Hills

Rams owner Stan Kroenke has stepped up his Woodland Hills property buying spree with the $325 million purchase of an outdoor mall.

The Village deal, which was completed last week, further signals the billionaire businessman’s intention to build a second sports-focused development like the one around SoFi Stadium in Inglewood.

His company, the Kroenke Organization, now controls about 100 acres in the Warner Center that real estate industry observers say should be part of a sprawling mixed-use complex that could include shops, restaurants, hotels and residences, as well as a training center for the NFL football team. It could become one of the biggest new real estate developments in the region.

The popular village, completed in 2015, sits next to the largely inactive Woodland Hills Promenade shopping center and an unoccupied high-rise office building, both acquired by Kroenke last year.

The Rams owner’s purchase of the village, above, further signals the billionaire’s intention to build a second sports-focused development like the one around SoFi Stadium in Inglewood

(Unibail-Rodamco-Westfield)

Representatives for the Kroenke organization declined to elaborate on their plans for the Warner Center, but said in a statement that “we will continue to operate The Village as an outdoor lifestyle and retail destination. air”.

The Village’s seller was Unibail-Rodamco-Westfield, a Paris-based mall operator that said in April it would unload all of its US properties and bet its future on Europe, where it is the biggest mall owner. commercial.

The company still owns Westfield Topanga, another mall near Kroenke’s recent acquisitions. Other significant neighbors are the Warner Center Towers office complex and a hotel, the Warner Center Marriott Woodland Hills.

Los Angeles city officials are encouraging dense mixed-use development in the neighborhood that could include new housing, offices, stores, restaurants, hotel rooms and entertainment venues.

Putting together a 100-acre parcel that would be at the center of a more urban downtown for Woodland Hills is “pretty spectacular,” said realtor Bryan Ley of JLL, who was not involved in the sales.

“There’s not a lot of sold land around Los Angeles County that’s 100 acres with that kind of density and location,” he said.

In Inglewood, Kroenke controls nearly 300 acres around SoFi Stadium, in what was once the horse racing venue of Hollywood Park. When the complex is complete it will be 3½
times the size of Disneyland and contain a playhouse, hotel, stores, restaurants, offices, homes, and a lake with waterfalls.

Kroenke is a longtime real estate developer whose company owns and operates shopping centers in 39 states totaling 40 million square feet, according to Unibail’s statement.

Source : BBNWORLDNEWS

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