Fox Hills Plaza, a retail center in Culver City, has sold for $56 million, or $941 per square foot, in an off-market transaction.
MCS Fox Hills Plaza, a subsidiary of M.C. Strauss Co., sold the shopping center, which was formerly anchored by Marshall’s, CVS and Chase Bank. It is located just east of Interstate 405 in Culver City and is near the Westfield Culver City mall.
The buyer, Bristol Parkway Propco, plans to redevelop the site at 6221-99 Bristol Plaza Parkway.
M.C. Strauss originally purchased the property for $2 million in 1976 with the intent to hold the asset long term and operate it as a neighborhood shopping center.
According to M.C. Strauss Co.’s Will Strauss, “Culver City has always been an important component for the entertainment industry in Los Angeles due to its central location; however, over the past two decades, the expansion of the Silicon Beach has completely reshaped and redefined the Westside of Los Angeles. Culver City has become the streaming capital of the world and essentially ground zero for streaming wars with Apple, Amazon, and HBO all making Culver City their Los Angeles headquarters.”
Both parties overcame numerous hurdles in closing the deal. The transaction was years in the making, as escrow was initially opened in 2016.
“We are pleased to see years of hard work on this transaction culminate with a successful closing. After six years, this disposition feels somewhat surreal and we, as a company, could not be more excited about the re-investment opportunities ahead” said Daniel Weiss, chief operating officer of M.C. Strauss Co.
Culver City’s central location has led to a rapid transformation from a once-sleepy L.A. suburb into a hub for tech, entertainment, fashion, and production companies and robust office and retail developments to support the influx of technology and media firms on the Westside.
“Fox Hills Plaza represented one of the last pieces of developable land in all of Culver City, and we are very excited about the future redevelopment of this key piece of land which will provide the Culver City and the County of Los Angeles with what it needs to accommodate the unprecedented growth of the area,” Fox said.
There is no word yet on how Bristol Parkway Bristol Parkway Propco intends to redevelop the property.
