Malibu-based real estate investment firm Christina Development Corp. has purchased a two-story, 17,000-square-foot storefront retail and office building at 124-148 N. Larchmont Blvd. in Larchmont Village for $23.5 million, or roughly $1,372 per square foot.

Matthew Dobson and Joshua Levy, managing partners at Pasadena-based brokerage Arbor Realty Capital Advisors represented Christina Development in the deal, which was for one of the largest properties in Larchmont Village. There are 43 surface parking spaces available at the property, which was built in 1921.

Elsa Nelson and Albert McLaughlin of Nelson Shelton Real Estate in Beverly Hills represented the seller, the Charlotte Lipson Trust of Studio City. The property was a generationally owned asset.

Charlotte Lipson, who died last year at age 100, was the daughter of Julius La Bonte, a developer from the Midwest who helped found Larchmont Village during the 1920s.

“The new owner is really a perfect fit for this property,” Levy said in a statement. “He is truly a steward of real estate and has strong family ties to the (nearby) Hancock Park neighborhood.”

Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.