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4/12/18
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Crescent Capital Partners recently picked up a two-parcel, 19k sf development site in Hollywood for $7 mil ($373/sf). It is entitled for the development of a 52-unit mixed-use apartment complex.
The property is located at 5570 Melrose Ave, directly across the street from Paramount Pictures Studio in the Larchmont neighborhood. It was originally occupied by an auto service facility.
Fred Aframian, Joyce Goldstein and Ed Matevosian represented the buyer and the seller, Kessab LP, owner-operator of West Hollywood Automotive Service Center. According to CBRE, the listing generated eight offers and received more than 400 inquiries.
“The sellers, who were looking to retire, knew they were sitting on a valuable piece of property and took advantage of the market and the zoning,” said Aframian.
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