Warner Center Mall Site Eyed By The Kroenke Group Trades Hands For $150M
Will the Los Angeles Rams set up shop in the San Fernando Valley?
The 34-acre Promenade Mall in the Warner Center neighborhood, which the Rams ownership group was in negotiations to buy last month, has traded hands for $150M.
Unibail-Rodamco-Westfield announced it has sold the property to “a group of private investors."
A representative for URW declined to comment further on the sale, and representatives for Rams owner The Kroenke Group did not respond to Bisnow’s request for comment.
In its announcement of the sale, URW referenced the years it spent securing approvals to redevelop the mall site into a large-scale mixed-use development. Promenade 2035, as the $1.5B mixed-use mini-neighborhood was called, would contain 1,400 residential units, 630K SF of office space and hotels. The plans also allow for an entertainment and sports venue with up to 10,000 seats. An outdoor venue would be permitted for up to 7,500 seats.
The Promenade project received final city approvals in December 2020.
The Los Angeles Times, which first reported on the Kroenke Group’s plans to buy the property, said the mall site would be turned into a practice facility for the team.
The vast property would allow for the team to hold a training camp there as well, with space for fans to attend, as well as some of the mixed-use elements that were already approved for the site.
Kroenke is no stranger to sports venue-anchored complexes, most notably opening the $5B SoFi Stadium in Inglewood last year.
The sale is in line with URW’s previously announced plans to unload a significant number of its American retail assets. The details of that plan have not been shared publicly. URW owns the Westfield Topanga mall and The Village, both of which do not appear to be on the market.
“This transaction demonstrates the significant potential for alternative investment in and around the company’s assets, which URW can leverage to support its efforts to deleverage,” the company said.
