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8/14/26
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A vacant, 15k sf development site in the heart of Pacific Palisades Village traded hands in a recent $7.1 mil, all-cash transaction. The buyer, Olliitoco Real Estate Holdings LLC, is an entity controlled by a member of a family that’s had an ownership interest in one of Los Angeles’ long-time major sports franchises.
The site, located at 860 Via de La Paz, next to an elementary school, previously housed a 35k sf office and retail building, built in 1980, which was destroyed in the January 2025 Palisades Fire. It is zoned for commercial or residential uses.
Now cleared, the property offers a shovel-ready, 0.34-acre parcel, zoned C2-1VL, allowing for a range of commercial and mixed-use development. The site is surrounded by well-known retail, dining, and wellness destinations, and is just around the corner from Palisades Village.
The seller, Optimus Properties, was represented by Janet Neman and Angelica Gotzev with Kidder Mathews. Justin Leigh with Hartleigh Haus repped the buyer in the deal.
“This property has always occupied one of the most desirable locations in Pacific Palisades Village, and that didn’t change even after the fire,” said K. Joseph Shabani, co-founder and Principal of Optimus Properties. “We’re confident this site will play an important role in the neighborhood’s recovery, and we’re glad to see it move forward under new ownership with a fresh start. “
Optimus recently expanded its retail portfolio with a three-building, non-contiguous street retail portfolio located in the heart of Downtown San Carlos, CA. Other notable acquisitions include the purchase of a property at 301-343 Glendale Blvd, a UCI Health-anchored strip center at 18601-18653 Yorba Linda Blvd and a Hollywood retail property at 5214-5232 W. Sunset Blvd, located next to the firm’s existing mixed-use building at 1501 W. Sunset Blvd.
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