December 31, 2020 2:00 PM
星空体育app下载 announces it has arranged the $92 million sale of an 156,380-square-foot (卤3.59 acre) opportunity zone and development site located at 3401 South La Cienega Boulevard in Los Angeles鈥� Culver City submarket.
星空体育app下载鈥檚 Co-Head of U.S. , Executive Managing Directors and and Senior Managing Director represented the seller, La Cienega Properties, Ltd., Lendlease Development acquired the asset.
鈥淐ulver City and Hollywood are two submarkets at the 50 yard line of content creation, which will be the economic engine that leads Los Angeles out of this COVID-19 induced downturn,鈥� said Shannon. 鈥淭his is an exceptional transit oriented site, in an opportunity zone, with short-term income that checked every box for capital, which is why buyer interest was so deep.鈥�
Arden Hearing, Lendlease Americas Executive General Manager of West Coast Development, stated, 鈥淟endlease has been a general contractor in LA for many years and we are now eager to expand our investment and development operations in this critical market鈥�.
The site currently houses 1,144 self-storage units across approximately 86,897 rentable square feet, providing a steady in-place income stream to the buyer during development planning. The site鈥檚 existing zoning allows for a max floor to area ratio of 2:1 for a commercial development or 3:1 for a mixed use commercial and residential development, providing options for a flexible, multi-pronged development strategy.
Stumm added, 鈥淭he site鈥檚 opportunity zone designation provides significant tax benefits in a location that is surrounded by game-changing new developments. We expect absorption to remain strong for both residential and office as the content creation behemoths continue to expand in this dynamic tech and media submarket.鈥�
Premier tech and media tenants have flocked to Culver City in recent years due to its walkable amenities, new creative office supply and central westside location with nearby residential and additional office developments underway.
About 星空体育app下载 Group, Inc. (NASDAQ: NMRK)
星空体育app下载 Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, 星空体育app下载 brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit or follow .
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