California + Los Angeles + Apartments | May 10, 2022

CBRE Secures Sale of High-Rise Development Site in LA

A 1.4-acre development site on Wilshire Boulevard has been sold by two private families to The Onni Group, in a transaction arranged by CBRE’s Los Angeles Multifamily Investment Sales. The property is located in the Mid-Wilshire neighborhood in an area with no height limit, making it ideal for high-rise development.

“We took the site to market at the height of the pandemic and generated 20 offers, despite rising construction costs,” said CBRE’s Kadie 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 highly sought after.”

The property, currently featuring retail shops, is located from 5350-5376 Wilshire Boulevard, just one block from the future La Brea Wilshire Purple Metro Station. CBRE’s Laurie Lustig-Bower said in a news release, “This was a fantastic opportunity for the Onni, which is an experienced high-rise developer.”

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About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.