Developer Closes Land Deal, Another Swaps

[IMGCAP(1)]WOODLAND HILLS, CA-Developers have closed on two land deals here and in Glendale that are unusual if not unique. One is an REO purchase of a parcel that has traded three times in four years, the other a land swap that settles a dispute between the developer and the City of Glendale.

In the Woodland Hills deal, an Orange County-based developer has acquired an eight-acre multifamily site at 20600 Ventura Blvd. that has sold three times in four years, once for $48 million. In Glendale, Burbank-based Gangi Development Co. will receive‭ ‬2.16‭ ‬acres of surplus city-owned land earmarked for multifamily use in exchange for deeding 18.4‭ ‬acres of hillside woodlands to the city for open space.

[IMGCAP(2)]According to brokers from the Lee & Associates Multihousing Investments Group in Sherman Oaks who represented the buyer of the eight-acre parcel at 20600 Ventura Blvd., the developer plans to re-entitle the parcel, which was entitled for 355 condominium units with 18,000 square feet of retail under a previous owner but was never developed. The name of the buyer was not disclosed, but industry sources tell GlobeSt.com that it was Integral Communities.