Los Angeles, CA

CBRE Announces Sale of Multifamily High-Rise Development Site in Los Angeles’ Mid-Wilshire Neighborhood to Onni

The Transit Oriented Communities (TOC) property generated 20 offers

May 6, 2022

5350-5376 Wilshire Boulevard

CBRE announced the sale of 1.4-acres of development land along Wilshire Boulevard in Los Angeles to the Onni.

Kadie Presley Wilson and Laurie Lustig-Bower with CBRE’s Los Angeles Multifamily Investment Sales arranged the transaction on behalf of the seller, two private families.

Located in the Mid-Wilshire neighborhood of Los Angeles, 5350-5376 Wilshire Boulevard is a block-to-block site with no height limit, making it an attractive high-rise development opportunity. Featuring more than 250 feet of frontage along Wilshire Boulevard, the site is situated one block from the future La Brea Wilshire Purple Metro Station, which will connect Mid-Wilshire to Downtown LA, Koreatown, Beverly Hills, Century City and Westwood.

Currently, the property features retail shops, including a United States Post Office and The Wig Shop.

“We took the site to market at the height of the pandemic and generated 20 offers despite rising construction costs,” said Presley Wilson. “Demand for multifamily housing in the Greater Los Angeles area, especially with proximity to mass transit, remains at all-time highs, making development opportunities such as this highy sought after.”

Added Lustig-Bower, “This was a fantastic opportunity for the Onni, which is an experienced high-rise developer. The property will continue to provide some income while the buyer works through the entitlement process..”

The assemblage lies within the boundaries of “Tier 4” of the City’s Transit Oriented Communities program, which affords development incentives for up to approximately 430,000 square feet of floor area if the required number of residential units are set aside for affordable housing. Alternatively, a development could make use of the state “density bonus” law, and construct up to approximately 346,000 square feet of floor area if the required number of residential units are set aside for affordable housing.

Onni is an active investor in commercial real estate throughout LA County. Their U.S. portfolio currently comprises over eight million square feet of commercial properties, roughly 7,000 apartment units, several hotels and a development pipeline that will support in excess of 20 million square feet of future development. The company currently has three multifamily development projects underway in Los Angeles County.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.