Investor Schuminsky Acquires Westgate Business Park
Low-profile real estate investor Michael Schuminsky has acquired the 127,118-square-foot Westgate Business Park commercial “low-rise” complex in West Los Angeles from Reliance Insurance Co. for about $21.6 million in cash.
Schuminsky, who operates primarily from offices in Nevada and Oklahoma, has a widespread commercial real estate portfolio totaling about 10 million square feet--including several Santa Monica office buildings.
Ian Strano of Century City-based brokerage First Property Realty, said the new owner intends to upgrade the group of two-story buildings comprising a full block just northeast of Olympic Boulevard and Bundy Drive.
The complex is 98% leased, with many of the tenants paying rents somewhat below prevailing market rates, Strano said. The property, which Schuminsky is renaming Westgate Media Park, is heavily media-oriented, with Fox Entertainment divisions and The Post Group among its larger occupants.
The property could be reconfigured to allow for an expansion of 50,000 to 60,000 square feet.
Strano’s company negotiated on Schuminsky’s behalf, while Victor Feathers handled the sale internally for Reliance. The seller, which has owned the Westgate complex for about a decade, is a primary subsidiary of financially struggling Reliance Group Holdings, which is being acquired by insurer Leucadia National Corp.
Strano also noted that Schuminsky is known for closing real estate acquisitions quickly through all-cash transactions. And he’s likely to pursue other California commercial properties on an opportunistic basis, Strano added.
