The University of California is continuing its series of investments in commercial real estate after acquiring a portfolio of 16 properties immediately south of UCLA in Los Angeles. The Regents of the University of California, which manages the state university system, paid US$49.8 million for the properties in Westwood Village, as reported by Atlas Brief.
The portfolio comprises 181,855 square feet of retail, office, and open spaces on approximately 2.6 acres. These properties are primarily located along Westwood Boulevard, as well as on Kinross Avenue, Gayley Avenue, and Lindbrook Drive.
Acquisition Details
One of the acquired properties, located at 1000-1010 Westwood Boulevard, spans 64,491 square feet and was transacted for approximately US$5.75 million, or US$89 per square foot. Another property, the historic Kinross Cornerstone, was built in 1930 but has been extensively renovated. So far, no specific plans for the use of the acquired properties have been publicly announced. Representatives for the UC Regents did not immediately respond to requests for comment.
The seller of the portfolio was Anderson Real Estate, a family-owned business associated with the late John E. Anderson. The Anderson family donated over US$140 million to UCLA, built the business organisation that included Topa Equities, and co-founded the investment firm Kayne Anderson. UCLA's business school is named after Anderson.
Strategic Expansion of UC Holdings
Through this portfolio, the Regents now hold additional commercial assets on the Westside, one of L.A.'s most challenging markets for land acquisition. UCLA is actively involved in transforming the former Westside Pavilion into a 700,000-square-foot research park, having acquired the property two and a half years ago for US$700 million. Three years ago, UCLA also acquired the historic 334,000-square-foot Trust Building in Downtown L.A. to expand its classrooms and administrative offices.
Most recently, in November 2024, UCLA paid US$55 million for a 170,000-square-foot office property in South Bay. This is to be redeveloped into the UCLA Health Sports Medicine Institute for US$90 million.
