Auto Body Masters • 36,319 SF Lot • $12,750,000 SOLD
36,000 SF REDEVELOPMENT SITE
Marty Clouser of Kennedy Wilson Real Estate Sales and Marketing presented this off-market offering of fee simple interest in a prime commercial parcel located at 10375 Washington Boulevard in Culver City.
This rare large parcel is strategically located in the northeast area of Culver City’s highly active downtown market. The site features 150 feet of frontage on Washington Boulevard and Sony Pictures and 245 feet frontage on Motor Avenue.
The site enjoys unprecedented access to the Playa Vista Regional Center, transformed from the legendary Howard Hughes’ aerospace empire this large-scale mixed-use center offers unique creative office, shopping, dining, entertainment and living spaces. Touted as “Silicon Beach 2.0” Playa Vista will house Tech stalwarts Google, YouTube and Yahoo! at its new office complex, Runway, scheduled to open in July 2015.
The Westside, Marina Del Rey, Los Angeles International Airport, 90 and 405 Freeways and the 105 Freeway are just minutes away. The in service-Culver City and under construction-Palms light rail metro stations are within one mile providing access to Downtown LA, Pasadena, San Fernando Valley, South Bay, Long Beach and 87 stations and over 93 miles of rail to destinations across the county.
With a Culver City mailing address, the entire property is located within the jurisdiction of the city of Los Angeles and is designated as General Commercial C2-1 with corresponding zones of C1, C1.5, CR and R4.
The international buyer was a large scale developer of residential mixed use projects in Canada and Los Angeles and purchased this property to take advantage of the rapid redevelopment of the Culver City area sparked in large part to the improved economy and high demand for housing spurred on by the Expo Metro Light Rail line extension from Culver City to Santa Monica. The developer has plans for approx. 100 apartments over first level retail and subterranean parking. Kennedy Wilson negotiated a new lease with the existing tenant whereby they could continue to operate in this location until such time that the developer is ready to pull permits. The sale closed for all for $12,750,000 ($351/SF of land area).