LOS ANGELES—Africa-Israel USA has sold Park Fifth, a 2.27-acre development site in Downtown Los Angeles at the corner of Fifth and Olive Streets, to the MacFarlane Partners. The buyer plans to develop a mid-rise and high-rise mixed-use complex on the site. The sale transaction began late last year, GlobeSt.com reported earlier. The transaction had taken nine months of negotiations before entering escrow, and has now closed eight months later.

The sales price of the transaction was undisclosed, however, according to Chagit Sofiev-Leviev, CEO of Africa-Israel USA, the firm sold the site for 50% more than it was valued two years ago. That illustrates not only the recovering real estate market but also the rising prices of land in the downtown submarket.

Although the land sale was just completed and little is known about the development, MacFarlane does plan to include residential units in the mixed-use complex as well as retail in the two buildings. The property is located near several other ongoing developments in the downtown market, including G12, which also recently traded hands to the tune of $45 million, as wells as Metropolis and the Rosslyn Hotel.

Newmark Grubb Knight Frank's Jimmy Kuhn, Chris Cooney, Josh Levy and Matt Dobson represented both parties in the transaction along with Damien Stein, Chief Operating Officer of Africa-Israel USA, who also worked on the transaction on behalf of the seller.