March 26, 2020 Comments Off on WeHo Retail Building Claimed by L.A. Development Firm for Nearly $23M Views: 1106 California News, Los Angeles

WeHo Retail Building Claimed by L.A. Development Firm for Nearly $23M

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A Los Angeles-based real estate development firm purchased a 30,146 square-foot development site in the West Hollywood area for $22.5 million. CBRE’s Matthew Greenberg, Alex Kozakov and Pat Wade represented the seller, a private family that had owned the asset for decades. CBRE’s Chris Tresp represented the buyer.

Located at the intersection of Santa Monica Boulevard and La Cienega Boulevard, the 30,146-square-foot property consist of one of the most recognizable corners in all of Los Angeles. The asset is currently comprised of three commercial structures on several parcels located in both the City of Los Angeles as well as West Hollywood.

The site’s zoning allows for an array of future projects, ranging from mixed-use multifamily to hotel and commercial uses benefiting from TOC density bonuses.

Kozakov says, “This asset is one of the last remaining properties with significant scale on a prolific corner in Los Angeles. Both the size and location of the site make this acquisition a truly rare and desirable opportunity to reposition the property into a destination that will attract both tourists and locals alike.”

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