A joint venture between VoitCo. and the Selleck Development Group has purchased a 26-acre site in Panorama City, Calif., from General Motors. The acquisition will allow the joint venture to expand its previous development of 68 acres at the site of the former General Motors Van Nuys assembly plant. The venture developed The Plant and Van Nuys Center at the Plant in 1998.
"The project transformed the area into a thriving retail and business center," says Tim Regan, vice president of Voit. "The entire community, both businesses and residents, wrapped their arms around this project. The 35-acre retail component was 90% pre-leased before groundbreaking and the 800,000 sq. ft./manufacturing park was home to leading global companies."
The joint venture team was selected by General Motors from a group of bidders. The parcel includes an existing 220,000 sq. ft. building. Both the buyer and the seller represented themselves in the transaction.