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11/25/19
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An unentitled development site in Hollywood, on Highland Ave one block south of Sunset Blvd, sold for $10 mil. The site, located at 1410 N, Highland Ave, is zoned as TOC Tier 3 and could potentially be developed into an 86-unit mixed-used property.
Vince Norris, Brent Sprenkle, and Eric Norris of Berkadia represented the seller, Los Angeles-based Kings Arch Inc.
The buyer, 1410 Highland Venture LLC, was repped by Don Favia and Ben Hsiang at Realty Investment Advisors. The sales price reflects a per-square foot price of $490. The land was sold with an existing structure located on-site.
“The sale represents a continued demand for new developments in Hollywood. With an influx of high-paying tech and entrainment jobs, Hollywood is still considered an economical safe-haven for developers,” said Norris.
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