Compass brokers $13.95M sale of East Hollywood development site
Compass brokers the sale of a 45,000 SF development site in East Hollywood for $13.95M at $310 per square foot.
Compass brokers have closed the sale of a 45,000 SF development site in East Hollywood for 13.95M. The property, located at 1141 N Vermont Ave, was sold at a price of 310 per square foot. The deal closed on 02-28-2021.
The seller of the property was not disclosed, but the buyer was a local developer looking to build a mixed-use project on the site. The property is zoned for commercial and residential use, allowing for a variety of development options.
The site is located in the heart of East Hollywood, a rapidly gentrifying neighborhood that has seen a surge of development activity in recent years. The area is known for its diverse mix of restaurants, shops, and entertainment venues, as well as its proximity to major transportation hubs.
The brokers on the deal were from Compass, a leading real estate brokerage firm with a strong presence in the Los Angeles market. The agency has a reputation for its expertise in commercial real estate, particularly in the development and sale of high-value properties.
Overall, the sale of this development site represents a significant investment in the future of East Hollywood, and underscores the growing demand for commercial and residential real estate in the area. With its prime location and flexible zoning, the property is well-positioned to attract a wide range of developers and investors looking to capitalize on the neighborhood’s vibrant energy and potential for growth.