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April 19, 2019
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West L.A. Dev Site Sells for $390/sf

3/28/19

A 14.7k sf development site in the Palms area of West Los Angeles sold for $5.75 mil, or $390/sf for the land. The property, Motor + Venice, is located at 3657-3659 Motor Ave, north of Venice Blvd and west of the downtown Culver City area.

Paul Darrow, William Shimerman, and Gregory S. Harris, all with THG Multifamily of Marcus & Millichap, represented the seller, a private investor. During the marketing process, the team sourced offers from over 10 active developers, many of whom submitted offers above list price.

“Zoning and other incentives provided by the transit-oriented community guidelines made this a rare opportunity that drew the attention of nearly every active developer in LA,” said Darrow. “The site’s size contributed to its attactiveness but its location immediately adjacent to Culver City was the main factor for the winning buyer.”

“More than $1 bil of world-class office, retail, and hospitality development is underway in Culver City,” added Shimerman, senior associate. “In 2018 alone, some of the world’s most high-growth companies, including Apple, Amazon, and the NFL all signed major leases, and that is a huge draw for the new owner.”




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