One of LA’s Biggest Undeveloped Sites Is for Sale
By Greg Cornfield August 9, 2023 5:15 pm
reprints
Raytheon Technologies wants to unload one of the largest undeveloped properties in Los Angeles.
The aerospace and defense company is again looking for a buyer for a former rocket-engine manufacturing site, according to media reports. It’s unclear the asking price for the 47-acre property along Canoga Avenue, known as the Rocketdyne site, in the San Fernando Valley.
A potential deal would be one of the largest sales by acreage in Los Angeles in years, according to CoStar.
The owner of Minnesota’s Mall of America and New Jersey’s American Dream Mall, Triple Five Group, was set to acquire the property for $150 million five years ago, but the deal fell through. The site was also pitched as Amazon’s second headquarters once upon a time.
The Rocketdyne site is in the master-planned neighborhood and business district named the Warner Center, which has seen $1.4 billion in transactions since January 2022. Most notably, Stan Kroenke, the billionaire owner of the L.A. Rams, has acquired multiple properties in the neighborhood, and plans to build a new practice facility and a second major mixed-use complex for the team.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
