615,400 SF | Shopping Mall | 33.96 Acre Lot | $150,000,000
Since March of 2022, rumors have been going around about who bought the vacant Woodland Hills Promenade Mall, which has been home to the AMC Promenade 16, Maggiano’s, Ruth’s Chris Steak House, and P.F. Changs for years. Finally, in the beginning of May it was officially announced that Ram’s owner, Stanley Kroenke, would be the new owner and has taken over the property.
The shopping mall sits on nearly 34 acres of land with over 615,000 square feet of usable space in a prime location in Woodland Hills, California. The property sits adjacent to the Westfield Topanga and The Village which are owned by the Unibail-Rodamco-Westfield group, the previous owners of the Promenade Mall. Mr. Kroenke has announced that they may not follow through with Unibail-Rodamco-Westfield’s former plans for Promenade 2035, but instead they may convert the property into a practice facility for the Los Angeles Rams football team.
History of the Promenade Mall, Woodland Hills, CA
Since the Promenade’s initial opening in March of 1973, the Mall has changed hands quite a few times. The initial developers of the property were Kaiser Aetna as part of a master commercial-retail-residential project now known as Warner Center. Shortly after the mall opened, Kaiser Aetna sold their interest to Continental Illinois Properties for about $15,000,000.
In 1989, the property changed hands to the O’Connor Group from Pan American Properties, which was briefly sold to the Simon Property Group in 1997, before being sold just one year later to the Westfield Group in 1998. In 2016, the Promenade was slated to become a mixed-use residential and retail development including upscale housing, with a grocery store, pharmacy, hotel, office complex, as well as an entertainment and sporting center. The project was originally called the Promenade 2035, which was scheduled to begin development in 2020. However after push back from the local residents due to traffic and transportation concerns, the COVID-19 pandemic outbreak in 2020, and being unable to secure a sports team to play in the arena, the property was sold to an unnamed investor in March of 2022, which was later confirmed to be Stan Kroenke, owner of the Los Angeles Rams.
Commercial Property in Woodland Hills, California
Woodland Hills, California, has a mixture of both commercial and residential properties co-mingled together. Although over the years the city of Woodland Hills has seen a steady increase in population, the city is actually noted as one of the least dense neighborhoods in all of Los Angeles County. According to Data USA, within the city of Woodland Hills there are a wide range of business types and industries that are represented, but the most common employers in the city are; restaurants, construction firms, insurance companies, legal services, and other professional businesses.
Woodland Hills, CA is sprawled out over almost 15 square miles, and shares borders with Calabasas, Tarzana, West Hills, Canoga Park, Winnetka, Reseda, and the Santa Monica Mountain range. The U.S. 101 freeway also cuts through the southernmost part of Woodland Hills, making it ideal for commuting to and across the many cities around Los Angeles. The 118 freeway is also just about 7 miles North of Woodland Hills, 14 miles from Malibu through the historic Topanga Canyon Boulevard, and about 20 miles West of Burbank Airport. It’s central location to neighboring cities, the California freeway system, and close proximity to airports and other attractions is what makes Woodland Hills, California a prime location for both residential homeowners and businesses.
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