CBRE Announces the Sale of 1.6-Acre Development Site in Greater Los Angeles to Local Private Developer for $46.5 Million

CBRE announced the sale of two parcels totaling 1.6 acres in the Greater Los Angeles area for $46.5 million. The property, located within the cities of West Hollywood and Los Angeles, was acquired by a private local developer, who already owns a variety of commercial properties proximate to the site.

CBRE’s Dean Zander, Stew Weston, and Chris Tresp facilitated the transaction.

The property is located at 1000 N. La Brea within the City of West Hollywood boundaries and adjacent 1011 N. Sycamore Avenue, situated with the City of Los Angeles. The site currently houses building materials company CEMEX, which will continue operating while the new owner finalizes development plans.

“Because 1000 La Brea is one of very few remaining commercially zoned parcels of significant size in the market, it represents one of only a few opportunities to amass considerable density within West Hollywood and Los Angeles,” said Zander. “We saw a considerable amount of interest for this deal.”

The property sits within the area’s emerging entertainment and life sciences district and in proximity to The Lot at Formosa studio campus. The immediate area is also home to leading media companies including SiriusXM, Live Nation-Ticketmaster, and Hyperobject Industries as well as art galleries, retail and restaurants, including Tartine, Gigi’s Hollywood and Mizlala. Additionally, the property sits near Interstate 101 and Santa Monica Boulevard and is within a mile from the Metro Red Line.

“The larger one-acre parcel could be developed into a luxury mixed-use apartment property, taking advantage of the area’s exceptional demographics and surrounding retail and lifestyle amenities, while the adjacent site at Sycamore Avenue is ideally suited for a creative office development,” said Zander.

Added Weston, “The property’s highly favorable zoning will allow the buyer considerable flexibility with the potential of adding luxury housing in a market where it is in great demand. The City of West Hollywood has previously indicated their desire for a large, mixed-use, multifamily development at 1000 N. La Brea.”