Culver City Site Sells for $49 Million

Culver City Site Sells for $49 Million
Nate Johnson

REDA Residential, the residential development subsidiary of Newport Beach-based investment company Real Estate Development Associates LLC, along with an undisclosed private family office, has acquired a 7-acre redevelopment site in Culver City for $49 million.

The site, located at 6201-6229 Bristol Parkway, is currently home to Fox Hills Plaza, a 68,000-square-foot retail center. REDA Residential plans to redevelop the land, potentially bringing hundreds of residential units to the growing hub that Culver City has become.

The acquisition solidifies REDA Residential’s commitment to strategic growth and visionary development in collaboration with capital partners, according to the company. 

“We are thrilled to announce the acquisition of this exceptional redevelopment site in Culver City,” said Nate Johnson, co-founder and managing principal of REDA Residential. “This investment underscores our confidence in the vibrant local market and our dedication to creating transformative spaces that enrich the fabric of communities.”

Eric Mandell of Ally Commercial Real Estate represented REDA Residential.

With this new acquisition, REDA Residential hopes to provide much-needed housing to meet the mixed-income and employment demands that Culver City possesses, according to Johnson.

The site is within walking distance of the Westfield Culver City Mall.

The seller, Bristol Parkway Propco, a Beverly Hills-based company led by Henry Shahery, was represented by Laurie Lustig-Bower of CBRE Group Inc. Bristol Parkway purchased the retail center back in 2022 for $56 million. It too planned to redevelop the land, but after failing to do so, the transaction resulted in a $7 million loss for the company.

REDA Residential is currently working to obtain necessary approvals. If approved, construction could start as early as next year.

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