University of California Buys 16 Westwood Village Properties for $50M – Commercial Observer
The University of California is extending its streak of commercial real estate investment after acquiring a 16-property portfolio immediately south of UCLA in Los Angeles.
The Regents of the University of California, which governs the state’s university system, put down $49.8 million for the properties in Westwood Village, Atlas Brief reported. The portfolio includes 181,855 square feet of retail, office and open space on about 2.6 acres mostly along Westwood Boulevard, as well as on Kinross Avenue, Gayley Avenue and Lindbrook Drive.
One property at 1000-1010 Westwood Boulevard spans 64,491 square feet and traded for about $5.75 million, or $89 per square foot. Another property, the historic Kinross Cornerstone, was built in 1930, but has been renovated.
No specific plan for the properties has been publicly announced. Representatives for UC Regents did not immediately return a request for comment.
Anderson Real Estate, the family-owned real estate company tied to the late John E. Anderson, sold the portfolio. The Anderson family gave more than $140 million to UCLA, built the business organization that included Topa Equities, and co-founded investment firm Kayne Anderson. UCLA’s business school is named after Anderson.
The portfolio gives the Regents more commercial assets on the Westside, one of L.A.’s most difficult markets for assembling land. UCLA is transforming the former Westside Pavilion into a 700,000-square-foot research park after acquiring the property for $700 million two and a half years ago. UCLA also acquired Downtown L.A.’s historic 334,000-square-foot Trust Building three years ago to expand classrooms and administrative offices.
And, in November 2024, UCLA paid $55 million for a 170,000-square-foot South Bay office property for a $90 million redevelopment into the UCLA Health Sports Medicine Institute.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
