NAI Capital Sells Prime Echo Park Development Site on Sunset Boulevard.
Echo Park, CA — NAI Capital’s Tim Steuernol and Rob Zaharia with the West L.A. office represented the Seller, Sunset Landmark LLC, and the Buyer, Sunset Space Provisions LLC, in the sale and purchase of a 10,542 SF piece of entitled vacant land located at 1315 W. Sunset Blvd. for $820,000. Then next door at 1313 W. Sunset Blvd., they represented the Seller, Joe & Martha Anguiano, and the same Buyer in the sale and purchase of a two unit multifamily property on 7,144 SF of land for $445,000. The value of the combined transactions was over $1.2M. The new owners are architects and developers who plan to utilize both properties to build a 27 unit multifamily apartment building.
“After initially listing 1315 W Sunset Blvd, a 10,542 SF development site, we were able to create additional value and marketability by listing and adding the adjacent property at 1313 W Sunset Blvd, a 7,144 SF parcel with an existing duplex. 1315 W. Sunset Blvd had previously been on the market with other firms for several years without being sold. Marketing the combined parcels increased the lot size and created excellent frontage on Sunset Blvd which allowed for a more substantial multifamily project to be built. The location is directly in the path of progress and sits along one of the last pockets on Sunset Blvd in Echo Park that is seeing revitalization. The site benefits from its close proximity to Dodger Stadium. The immediate area is experiencing a tremendous uptick in new and planned construction, and it is a hotbed for commercial investments in Los Angeles. The assets closed within 45 days, all cash, to one buyer. A prime example of brokers finding a way to get a deal done,” Tim Steuernol.
The property is located in the Echo Park Neighborhood of Los Angeles. It’s strategically located on Sunset Blvd which is a highly trafficked corridor with over 60,000 cars per day. The property is within walking distance to restaurants, parks, bus stops, and markets. Dodger Stadium is directly to the east, Downtown Los Angeles is less than two miles to the south, Echo Park Lake is less than a mile to the west, and Atwater Village is to the North. The 101, 110 & 5 freeways are all within a short distance to the property. Currently there are several new construction projects in the area.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a premier real estate service network with 350 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage DRE #00806840
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