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3/02/15
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In a recent LA-area land buy, Irvine-based City Ventures paid $5.75 mil for a 4.06-acre parcel in Glendora. This is the first transaction to close escrow in a land assemblage project consisting of a total of five adjacent parcels.
Albert Shilton, senior managing director with Charles Dunn Company, represented both the buyer and the seller, Los Angeles-based 533 Foothill Partners LLC, in the sale of the land, located at 533 W. and 641 E. Foothill Blvd, north of the 210 Fwy and east of Grand Ave.
“City Ventures obtained approvals from the City of Glendora last fall to develop 144 attached townhomes on 8.76 acres,” said Shilton. “The demand for new housing is enormous in the region and particularly in Glendora as the city offers high-ranking public and private schools, a good mix of amenities, and convenient Los Angeles County location.”
Shilton added that the additional four parcels are anticipated to close escrow throughout 2015. Construction will commence once the five-parcel land assemblage has been completed and all building permits have been obtained.
The property was rezoned in 2013 for residential development and currently includes a vacant industrial building which will be demolished. The site is well-located just minutes from numerous schools, Glendora Shopping Center, Foothill Presbyterian Hospital, and Azuza Pacific University.
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