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Lennar Buys Arcadia Retail Site, Envisions Resi Conversion
Lennar Homes acquired an aging retail shopping center in Arcadia from Seal Beach, CA-based The Olson Company with plans to convert the site into a mixed-use development. The seller delivered a fully-graded property, with an approved tentative tract map, improvement plans and architectural construction drawings for $36.6 million.
Lennar envisions building 80 units, including detached homes, two-and three-story townhomes and live/work lofts priced in the high $800,000s and $900,000s for attached units, and low millions for single-family detached homes. The community will offer 12 two-story detached condominiums, 44 three-story attached townhomes, 21 two-story attached townhomes and three three-story live/work attached townhomes, as well as a retail component.
The Hoffman Company’s Justin Esayian, who brokered the deal, says, “This transaction represents a rare opportunity to achieve early 2020 deliveries in a highly desirable infill location in the supply-constrained San Gabriel Valley, where listing prices have increased 14% year over year.”
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