70.9 F
Los Angeles
Monday, Sep 25, 2023

Inglewood Development Site Sells for $11M

Lavissani has purchased a development site in Inglewood near the new SoFi Stadium and other planned projects in the city for nearly $11 million.
The site, at 619 S. Prairie Ave., is 40,580 square feet in size. It was sold by White & Day Inc.

CBRE Group Inc.’s Simon Mattox, Austin Wolitarsky, Dan Riley, Bill Durslag and Kyle Woods represented the seller in the transaction; Lyon Stahl Investment Real Estate’s Mike McKinney and Nancy Bush also served on the listing team.

“The property’s irreplaceable location immediately adjacent SoFi Stadium, combined with its solid real estate fundamentals, made it a highly sought-after redevelopment play,” Mattox said in a statement. “There is substantial demand for hospitality and multifamily units in the trade area immediately surrounding the stadium. We leveraged CBRE’s vast network to obtain meaningful local market data and to reach qualified investors worldwide, ultimately creating a competitive bidding environment for the property.”

As of spring 2021, there were more than 900 multifamily units under construction within two miles of the site, according to data from CBRE. The brokerage also found that 920 multifamily units and three hotel developments are planned, proposed or under review in the area.

Stan Kroenke, owner of the Los Angeles Rams, is leading the Hollywood Park development, which includes SoFi Stadium. The area comprises 300 acres and includes 890,000 square feet of retail, creative office space, residences and a park. The NFL’s West Coast headquarters is located at Hollywood Park.

The Los Angeles Clippers will also move to Inglewood. The team has an arena under construction near SoFi Stadium dubbed the Intuit Dome, which is expected to be completed in 2024.
Other major projects in development area include the Astra, a six-story mixed-use development at 215 E. Regent St. with 243 luxury residential units and retail.

Featured Articles

Related Articles