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Holland Partners Pays $15M for Mixed-Use Site

GLENDALE, CA-GlobeSt.com learns exclusively that the city gives Holland “generous zoning” for development of the 1.38-acre site downtown.

By Carrie Rossenfeld | Updated on October 26, 2012

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.”

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