GLENDALE, CA-GlobeSt.com has learned exclusively that Holland Partners has purchased a 1.38-acre development site downtown from a Northern California-based partnership for $15,750,000, or $67,021 per buildable unit. The site at 111 N. Brand Ave., at the corner of Wilson Ave. and Brand Blvd., has been given “generous zoning” by the city of Glendale in terms of development.
Institutional Property Advisors’ Ronald Harris, EVP; Paul Darrow, associate director; and Joseph Smolen, director; represented the seller as well as the buyer in the transaction. “Construction is booming in urban infill locations across Los Angeles County, and the sale of this site illustrates the ongoing strength of the region’s development market,” said Darrow in a prepared statement. “Because of the spike in demand for new product in L.A. and this site’s irreplaceable urban location, a wide array of investors, including institutional and private entities, submitted bids for the property.”
Harris added that “generous zoning” from the city of Glendale gave the new owner flexibility in development. Holland plans to build 235 residential units and 12,000 square feet of ground-floor retail on the site, but the city initially granted approvals for a hotel/condominium project consisting of two high-rise towers over a shared podium.
The property is located two blocks from the Americana at Brand, a 475,000-square-foot lifestyle shopping center featuring 75 restaurants, boutiques and specialty retailers along with 338 residential units on 15.5 acres. The city of Glendale offers residents easy commutes to Burbank, Pasadena and Downtown Los Angeles.
“For the right blend of location, zoning and project size, developers are stretching to fill a much-needed gap in Los Angeles’ multifamily market,” Darrow said. He, Harris and Smolen have marketed and/or sold a variety of multifamily sites in Los Angeles County this year, including a 174-unit multifamily site in Koreatown known as K2 LA Phase II, 238 units in Glendale on Los Feliz Rd., 154 units with 9,600 square feet of retail at 2525 Wilshire and a 131-unit site with 7,600 square feet of retail on the border of Sherman Oaks and Van Nuys.
As GlobeSt.com reported last week, California Landmark Group has acquired a 55,000-square-foot lot at the corner of Larchmont Blvd. and Melrose Ave. here and has plans to develop on it the LC, an 85-unit apartment building with ground-floor retail. HFF provided brokerage services in connection with the sale of the property and subsequent capitalization of the $40-million deal.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
