A potential redevelopment site near the eastern edge of Culver City could soon find a new owner. The property, which currently houses a 13,529 square foot retail center, is marketed by Colliers with an asking price of $21.25 million, or about $1,579 per square foot.
Located at 5800 Obama Boulevard on nearly one acre, the property has been owned by an entity linked to Cameo Properties LLC for nearly 20 years, property records show. The retail property has been around since the 1980s, but could also be available for new development with zoning allowing for up to 170 apartment units, according to marketing information.
Currently, the site is home to a strip mall with tenants including Carl’s Jr. as well as several other regional service and restaurant users. The listing also shows that a majority of the tenants’ leases run on a month-to-month basis.
While it is offered as a potential redevelopment site, the property is notably just half a mile from the La Cienega/Jefferson Metro Station which provides opportunities to a developer based on Transit Oriented Community incentives. Also nearby are a number of other retail and dining amenities as well as the Kenneth Hahn State Recreation Area and the Baldwin Hills Scenic Overlook.
Sitting on the verge of both Culver City and Baldwin Hills, the general vicinity surrounding the property has seen a number of development proposals pop up over the last several quarters.
One project planned in Culver City is a 145,751 square foot office building. The project, located at 3855 Watseka, is a collaboration between both Clarion Partners and LPC West with designs from Gensler, according to The Registry’s previous reporting.
