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1/04/21
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Lendlease Development has acquired a 3.6-acre opportunity zone and development site in Culver City. The site, located at 3401 South La Cienega Blvd, at the southwest corner with Jefferson Blvd, was sold by La Cienega Properties Ltd in a $92 mil transaction.
The site currently houses 1,144 self-storage units in 86.9k sf of space, providing a steady in-place income stream to the buyer during development planning. The site’s existing zoning allows for a max floor to area ratio of 2:1 for a commercial development or 3:1 for a mixed use commercial and residential development, providing options for a flexible, multi-pronged development strategy.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented the seller in the transaction.
“Culver City and Hollywood are two submarkets at the 50 yard line of content creation, which will be the economic engine that leads Los Angeles out of this COVID-19 induced downturn,” said Shannon. “This is an exceptional transit-oriented site, in an opportunity zone, with short-term income that checked every box for capital, which is why buyer interest was so deep.”
Stumm added, “The site’s opportunity zone designation provides significant tax benefits in a location that is surrounded by game-changing new developments. We expect absorption to remain strong for both residential and office as the content creation behemoths continue to expand in this dynamic tech and media submarket.”
Premier tech and media tenants have flocked to Culver City in recent years due to its walkable amenities, new creative office supply and central westside location with nearby residential and additional office developments underway.
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