California Landmark Group, a Westside-based developer, has purchased 10,000 square feet of property at 3812-3818 Dunn Drive in Los Angeles, adjacent to Culver City, from Westside-based real estate firm Napa Industries for $7 million or nearly $700 per square foot, according to NAI Capital.
The area, located near Venice Boulevard, has been zoned as a residential development site.
An offering memorandum about the property describes it as having the potential to build a multifamily development of up to 63 units.
Fariba Kavian, an executive vice president at NAI Capital Inc., along with Sam Monempour, an NAI Capital vice president, represented the seller in the deal.
The property is located near Sony Pictures Studio, Culver City’s city hall and the Culver Hotel.
“Land in high-density urban areas of the Westside is in limited supply and seeing huge demand,” Sam said in a statement. “Once developed, this property will go up in value significantly.”