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Local Developer Spends $46.5 Mil on Adjacent Development Parcels in L.A. and West Hollywood

6/08/22

A private local developer spent $46.5 mil for two parcels totaling 1.6 acres in the Greater L.A. area. The adjacent parcels are located at 1000 N. La Brea within the city of West Hollywood’s boundaries and at 1011 N. Sycamore Ave, situated with the city of Los Angeles.

The site currently houses building materials company CEMEX, which will continue operating while the buyer finalizes development plans. The new owner already owns a variety of commercial properties proximate to the site.

The property sits within the area’s emerging entertainment and life sciences district and in proximity to The Lot at Formosa studio campus. The immediate area is also home to a number of leading media companies, including SiriusXM, Live Nation-Ticketmaster and Hyperobject Industries, The area also includes many art galleries, retail stores and restaurants, including Tartine, Gigi’s Hollywood and Mizlala. Additionally, the property sits near Interstate 101 and Santa Monica Blvd and is within a mile from the Metro Red Line.

CBRE’s Dean Zander, Stew Weston, and Chris Tresp facilitated the transaction.

“Because 1000 La Brea is one of very few remaining commercially zoned parcels of significant size in the market, it represents one of only a few opportunities to amass considerable density within West Hollywood and Los Angeles,” said Zander. “The larger one-acre parcel could be developed into a luxury mixed-use apartment property, taking advantage of the area’s exceptional demographics and surrounding retail and lifestyle amenities, while the adjacent site at Sycamore Avenue is ideally suited for a creative office development.”




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