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10/15/15
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AvalonBay has acquired a 5.8-acre land parcel in Hollywood for development of a mixed-use project. The property was sold by Calico and Tinseltown for a price of $99 mil.
The site is located at 6677 Santa Monica Blvd, at the corner with Las Palmas Ave in central Hollywood. It is in proximity to various retail, hospitality and entertainment amenities.
AvalonBay plans to demolish the existing site and build a mixed-use multifamily and retail development that will include 24.9k sf of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the predevelopment stages.
Curtis Palmer, Anthony Muhlstein and Peter Sherman of CBRE’s Beverly Hills office represented the buyer in the transaction. Jeff Luster of Major Properties represented the seller in the deal.
“This land is located in one of the most highly sought after markets in Los Angeles County, with an influx of new jobs from major corporations moving into Columbia Square,” said Palmer. “AvalonBay was one of many who bid on the project, and was able to buy the site without a third party debt or equity financing.”
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