Kroenke Warner Center complex

The Kroenke Warner Center complex in the Woodland Hills neighborhood of Los Angeles, California, United States is a mixed-use complex consisting of an open-air shopping center with a proposed expansion to include restaurants, hotels and residences, along with a training facility for the Los Angeles Rams, an NFL football team. The 100-acre complex (40 ha) was assembled from a vacant shopping mall, an abandoned corporate office building, and The Village, an open-air lifestyle and retail destination (which continues to operate).

Kroenke Warner Center complex
LocationWoodland Hills, Los Angeles, California, United States
Coordinates34°10′53″N 118°36′8″W
Companies
OwnerKroenke Sports & Entertainment

History

The Promenade was a 34-acre retail development (14 ha) that opened in 1973 as part of the Kaiser Aetna master-planned commercial-retail-residential development plan for their section of the massive former Warner Ranch now known as the Warner Center. In September 2015, Westfield opened a major expansion of Westfield Topanga, called The Village, an open-air shopping destination next to the largely-inactive Promenade mall.[1][2]

In December 2017, Westfield was acquired by French commercial real estate company Unibail-Rodamco, which would later be renamed Unibail-Rodamco-Westfield (URW).[3] In 2021, when it was reported that URW would sell its commercial properties in the United States, news reports surfaced that sports owner and real estate developer Stan Kroenke was in discussions with URW about acquiring one of its properties.[4][5][6] In March 2022, the 34-acre vacant shopping mall (14 ha), The Promenade, was sold to Kroenke for approximately $150 million.[7][8][9] A month later, Kroenke bought an adjacent vacant 13-story office building on 31 acres (13 ha) of parking lots and landscaping for $175 million, formerly occupied by health insurer Anthem Inc.[10] The combined 65-acre property (26 ha) was expected to be developed into a permanent team headquarters and practice facility for the Los Angeles Rams.[11] The 600,000 square feet (56,000 m2) Westfield shopping center called The Village was purchased in January 2023 for $325-million bringing the total property ownership to 100 acres (40 ha).[12] This was the second largest sale of a shopping center in 2022.[4] The center will continue to operate as an open-air lifestyle and retail destination.[13]

Context

Warner Center is a master-planned neighborhood and business district development in the San Fernando Valley. Adjacent developments include the Warner Center Towers office complex, the Westfield Topanga mall, and Warner Center Marriott Woodland Hills.[14]

References
  1. Wilcox, Gregory J (September 18, 2015). "Village at Westfield Topanga opens; 80,000 visitors expected this weekend". Los Angeles Daily News.
  2. Banks, Sandy (September 19, 2015). "A pall on malls but a shopping village has cachet". Los Angeles Times.
  3. Cummins, Carolyn (December 12, 2017). "End of an era: Westfield accepts $32.8bn offer". The Sydney Morning Herald. Retrieved December 12, 2017.
  4. Faithfull, Mark (January 4, 2023). "LA Rams Owner Kroenke Could Unite NFL And Retail At Westfield Mall". Forbes. Retrieved January 9, 2023.
  5. Madans Welk, Hannah (March 7, 2021). "Mall Operator URW Plans to Sell All US Properties". Los Angeles Business Journal.
  6. Vincent, Roger (April 8, 2022). "Westfield malls go up for sale as U.S. shoppers find other places to buy". Los Angeles Times.
  7. Wittner, Michael (March 25, 2022). "Rams Buy Woodland Hills Mall For $150M: Report". MSN.
  8. Grigoryants, Olga (May 5, 2022). "Billionaire Rams owner Stanley Kroenke is the new owner of the vacant Promenade mall in Woodland Hills". Daily News of Los Angeles.
  9. "Billionaire Rams owner Stan Kroenke is the new owner of the vacant Promenade Mall in Woodland Hills". Daily News. May 5, 2022. Retrieved August 9, 2022.
  10. "Rams owner buys Anthem site, doubling his Woodland Hills portfolio". Daily News. June 24, 2022. Retrieved August 9, 2022.
  11. Shaikin, Bill; Vincent, Roger; Farmer, Sam (February 24, 2022). "Rams could build a team training site in Woodland Hills". Los Angeles Times. Retrieved April 9, 2022.
  12. Hourie, Ilya (January 11, 2023). "Kroenke Uses Deutsche Bank Loan to Buy Village Mall". The Real Deal. Retrieved April 28, 2023.
  13. "Rams owner Stan Kroenke escalates property buying spree in Woodland Hills". Los Angeles Times. January 4, 2023. Retrieved January 4, 2023.
  14. Modi, Priyanka (June 7, 2022). "Stan Kroenke Adds 32-Acre Anthem Site To Warner Center Portfolio". The Real Deal. Retrieved April 28, 2023.
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