(EDITOR’S NOTE: According to a source with knowledge of the transaction, the property sold for $26 million, or about $1,509 per square foot.)
Los Angeles, Calif. – A prime property at the edge of West Hollywood and Beverly Hills, two of the most desirable submarkets of Los Angeles, has sold for development. Located at 400-430 South San Vicente Boulevard, the land has long been home to a ±17,228-square-foot retail center. Kidder Mathews Executive Vice President Janet Neman represented the owner, an LA-based private investor, in selling the 28,497-square-foot lot for land value to Oklahoma Rock Holdings and The Abraham Companies.
Situated at the signalized corner of La Cienega and South San Vicente Boulevard, the property boasts a AAA location with excellent walkability, just two blocks from the Beverly Center. The buyers plan on building a luxury mixed-use development with 100+ multifamily units and ground-level retail and restaurant space.
“Developments are trending due to the shortage of housing in Southern California,” said Neman. “This development will fulfill the strong demand for luxury residential units in one of the most desirable areas of Los Angeles.”
“This is an exciting opportunity to address the city’s housing needs with a thoughtfully designed project that will be compatible with the surrounding neighborhood,” said J.J. Abraham, President of The Abraham Companies.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually.
