Los Angeles – October 14, 2015 – CBRE Capital Markets has arranged the sale of a 5.8-acre land parcel located at 6677 Santa Monica Boulevard in Hollywood, California to AvalonBay for an undisclosed price.
Curtis Palmer, Anthony Muhlstein and Peter Sherman of CBRE’s Beverly Hills office represented the buyer on the acquisition. The seller was Calico and Tinseltown.
AvalonBay plans to demolish the existing site and build a mixed-use multifamily and retail development. The proposed development will include 24,900 square feet of retail space and 695 apartment units, including 56 affordable housing units. The project is currently in the predevelopment stages.
“This land is located in one of the most highly sought after markets in Los Angeles County, with an influx of new jobs from major corporations moving into Columbia Square,” said Mr. Palmer. “AvalonBay was one of many who bid on the project, and were able to buy the site without a third party debt or equity financing.”
The property is located on the corner of Santa Monica Boulevard and Las Palmas Avenue in central Hollywood and is in proximity to various retail, hospitality and entertainment amenities. -----
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.