|
|
9/21/16
|
In development news out of Hollywood, Airport Holdings LP paid $23.3 mil for a 49.6k sf parking lot property that is currently entitled for a mixed-use, residential/retail property. The property, located at 1717 N. Las Palmas, was sold by Hollywood Cherokee Apartments Venture LLC, an affiliate of Champion Real Estate Company.
Champion acquired the property, which extends from North Las Palmas to Cherokee Ave, in April 2012. Upon its purchase, Champion obtained entitlements for the development of 224 Class “A” residential units over retail.
“The project was the result of a collaboration between the development team members and members of the community during the Hollywood Community Plan Update litigation,” commented Greg Beck, Senior Vice President. “We faced little neighborhood opposition and generated broad community and political support to obtain approval for this one-of-a-kind project.”
The planned project includes a lobby, leasing office, exercise room, and clubhouse amenities located on the ground floor, as well as 333 sf of retail space.
The decision to sell the property was part of Champion’s recent business plan to focus on unimproved cash flow investments, hold, and re-entitle projects for development and resale. The company has been actively seeking and negotiating off-market opportunities throughout the United States.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
