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8/03/18
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By Allen Wolfsheimer
California Landmark Group has acquired a 10k sf development site in Culver City for $7 mil, or about $700/sf. The seller was Napa Industries.
The property is zoned LAR5 and located at 3812-3818 Dunn Dr, on the south side of Venice Blvd at the northern border of Culver City with Los Angeles. The property is directly across the street from the quirky, storybook Hobbit House, at 3819 Dunn Dr. The Hobbit House, declared an Historic Cultural Monument by the city of Los Angeles, was constructed from 1946 to 1970 by Lawrence Joseph, a Walt Disney Studios artist.
The development site is centrally located, one block from Sony Pictures Plaza and within walking distance of Columbia Pictures and City Hall, and near a couple of major developments currently under construction in downtown Culver City. A myriad of shopping and entertaining amenities surround this very densely populated and affluent area.
Fariba Kavian and Sam Monempour with NAI Capital represented the seller in the transaction. Arthur Arejian of Vanguard Investments Inc repped the buyer.
Fariba said, “This is a great opportunity for a developer to purchase and develop apartments in Culver City, one of the hottest residential markets on the Westside, where R5 zoned land is hard to find.”
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