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Desirable 30k sf LA-Area Development Site Sells for $22.5 Mil

3/24/20

A Los Angeles-based real estate development firm has purchased a 30.1k sf development site in West Hollywood for $22.5 mil. The property was sold by a private family that had owned the asset for decades.

Located at the intersection of Santa Monica and La Cienega Blvds, the property sits at one of the most recognizable corners in all of Los Angeles. The asset is currently comprised of three commercial structures on several parcels located in both the City of Los Angeles as well as West Hollywood. The site’s zoning allows for an array of future projects ranging from mixed-use multifamily to hotel and commercial uses benefiting from TOC density bonuses.

The property is strategically positioned within walking distance of many prominent retail and dining destinations, including La Cienega’s Restaurant Row, the Sunset Strip and Melrose Ave. The corner is one of Los Angeles’ busiest intersections with approximately 79,000 cars per day.

Matthew Greenberg, Alex Kozakov, and Pat Wade of CBRE represented the seller in the deal. Chris Tresp, also with CBRE, repped the buyer. According to CBRE, the listing generated interest from local, national and international investors alike.

“This asset is one of the last remaining properties with significant scale on a prolific corner in Los Angeles,” said Kozakov. “Both the size and location of the site make this acquisition a truly rare and desirable opportunity to reposition the property into a destination that will attract both tourists and locals alike.”

“While the property contained its challenges for a developer given the split zoning and multiple municipalities at play, these realities were overlooked by most interested parties given the world- class allure of the location,” said Greenberg.

The average asking lease rate for Los Angeles retail grew by $0.15 quarter over quarter, according to CBRE’s Q4 research report. Compared with the year-earlier period, the average asking lease rate increased by $0.51, or 21.1%, to end the decade at $2.93.






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