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10/18/18
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Capital Insight, a West Hollywood-based developer, purchased a 1.27-acre land site in east Los Angeles. Located at 3965 E. Olympic Blvd, the site is directly off the S. Ditman Ave exit of I-5 Fwy and is at a signalized intersection.
With 260 feet of frontage on E. Olympic Blvd, the site one of the last developable vacant lots directly adjacent to a freeway on/off ramp in Los Angeles. The strategic location is just one-half mile away from the high industrial trade area of Commerce and two blocks west of the Los Angeles Community Hospital.
Barbara Armendariz with SharpLine Commercial Partners represented the seller, a private owner, who received more than a dozen offers from interested developers. Capital Insight was self-represented.
“Capital Insight is pursuing the development of a 61.8k sf medical office building on the site as it sees the local market is underserved for this product type and believes it is the highest and best use,” added Armendariz. “Things are still in the planning stages, however, we believe that the project would be ideal for urgent care, medical offices, pharmacy and/or a micro-hospital.”
“The nearby Los Angeles Community Hospital is the only primary hospital in the local market, however, this is an area which is experiencing more demand for medical care and services from community residents,” said Cobby Pourtavosi President at Capital Insight. “We identified a need to bring a modern, state-of-the-art medical office building to better serve the healthcare needs of the surrounding community and believe this will also be a strategic and convenient compliment to the local hospital for both doctors and patients.”
SharpLine Commercial Partners is also handling the leasing for the medical office building, which is anticipated for completion in fall of 2020.
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