The buyer, Summerwood Homes Inc., has paid $1.07 million for the property. Located at 4024 W. 5th St., the parcel has been slated for residential development. The new owner plans to build 22 single-family homes here. With a groundbreaking targeted for autumn 2002, the project is expected to be completed by the summer of 2003.
Jerry Giglio of Grubb & Ellis Co. acted on behalf of Summerwood Homes Inc. The Orange County-based Estates of Rosa Vuicich and Julie Komrosky, which has sold the property, was also represented by Giglio of Grubb & Ellis.
New York-based Grubb & Ellis Co. provides a comprehensive array of transaction, consulting and management solutions for both corporate and investment real estate. The real estate services firm employs more than 8,000 people in more than 200 offices in 30 countries.
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