Kennedy Wilson is New Owner of Victory Plaza and Multifamily Site in North Hollywood After Purchasing $30 Million of Debt
- Jan 25, 2014
Kennedy Wilson, an international real estate investment and services firm, recently expanded its retail portfolio with a Los Angeles grocery-anchored property. The company is the new owner of Victory Plaza, a North Hollywood retail center, as well as a development site earmarked for multifamily development. Kennedy Wilson had purchased the debt on the two assets in December of last year from an Ireland-based financing firm, for a total of $30 million.
The new owner invested $12 million of equity, as well as $18 million sourced through a financing deal with Pacific Western Bank. According to a press statement, KW became the new owner of the properties through foreclosure.
Victory Plaza is a 132,995-square-foot shopping center located at 13007-13947 Victory Boulevard. Constructed in the late seventies, it is currently anchored by a Vallarta grocery store. According to listings on real estate site loopnet.com, the power center is currently struggling, with a total of 23,604 square feet of space still available for lease, at a rate of $2-2.5/square foot/month. The adjacent 2.4-acre site offers the owner development possibilities, as it is zoned for multifamily use.
Kennedy Wilson now owns 10 properties and 1.3 million square feet on the West Coast, and the retail property is the investment company’s second addition to its portfolio this cycle. From the beginning of 2010, the 1977-founded real estate company has acquired real estate assets and debt worth a total of approximately $11.2 billion.