Site Sale To Become Residential Condos

LOS ANGELES-Laurus Corp. has completed the sale of what it deems a “prominent development site” located in the City of Beverly Hills in California. Although Laurus tells GlobeSt.com that the company is not able to disclose the final sale price at this time, the nearly one-acre site will be developed into residential condos.

The nearly 1-acre site is situated at the intersection of North Palm Drive and Civic Center Drive in the “Platinum Triangle” area of Beverly Hills. The fully entitled property was previously acquired in the midst of the economic crisis by 432 Beverly Hills LLC—an investment entity formed to acquire the property. Laurus and their equity partners were able to immediately recognize the value of this property and the upside ahead, leading to the acquisition at a highly distressed value, according to a prepared statement