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Tuesday, May 17, 2022

CRE Awards 2020: Best Land Sale

Vital Statistics

Property Address: 11600 Santa Monica Blvd

Square Footage: 0.65-Acres

Deal Value: $16 million

CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson arranged the sale of a development site at the intersection of Santa Monica Blvd. and Federal Ave. in West Los Angeles to Jamison Properties for $16 million. Lustig-Bower and Presley Wilson represented the seller, a family partnership of local, private real estate investors and owner and operator of the Blue Wave Hand Car Wash, currently located on the site. The company will lease back the property while the buyer pursues entitlements. The 0.65-acre property is located at 11600 Santa Monica Blvd and suitable for approximately 100 apartments, including affordable housing units. While the property also qualifies for Tier 1 TOC, the buyer did not elect to utilize this program.

Vital Statistics

Property Address: 18438-18440 Bryant St., Northridge

Square Footage: 13,939

Deal Value: $1,490,000

The client needed an automotive facility. With no suitable location in the San Fernando Valley and a lack of inventory, the next step was to find a development site.Yair Haimoff and his team at Spectrum located the site and assisted the client with the process and they are in the process of developing the site to accommodate their business.

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