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November 30, 2020
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Residential Development Site in Westchester Sells for $105/sf

7/22/20

An 85.8k sf development site in Westchester sold for $9 mil, or $105/sf. The property, zoned LAR2-1, is located at 8333 Airport Blvd, north of Manchester Ave and west of the 405 Fwy.

The property is centrally located, minutes away from Los Angeles International Airport, The Promenade at Howard Hughes and Westfield Culver City shopping mall. A myriad of shopping and entertaining amenities surround this very densely populated and affluent area.

Joseph Faulkner and Fariba Kavian with NAI Capital’s Investment Services Group represented the seller in the deal. Peter Ciriello, CCIM, with LA Commercial repped the buyer.

“This was a great opportunity for a developer to purchase almost two acres of land zoned R2-1 and develop apartments in Westchester, one of the hottest residential markets on the Westside, where R2-1 zoned land is hard to find,” Fariba said. “We procured over 10 offers, overcame multiple issues and the site sold substantially above asking price without entitlements.”





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