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Marcus & Millichap Team Steers Land Sale Through 27-Month Escrow Process
The LAAA Team of Marcus & Millichap closed the above-list-price sale of 6527 Etiwanda Ave, a 9.15-acre lot subdivided into 22 single-family lots in Etiwanda. The final sale price paid by a local homebuilder was $4,062,750, or $184,670 per lot.
The sale went through a 27-month escrow process. “When we listed the property in 2021, the vacant land was without any plans or entitlements,” according to Michael McNulty, Filip Niculete and Glen Scher, who comprise the LAAA Team. “But by the close of escrow, the city approved a subdivision into 22 lots of about 18,000 square feet each, which will now be developed into 22 single-family homes.”
During that 27-month timeframe, the deal encountered numerous challenges, starting with a zoning hurdle. “With each delay, we diligently worked on saving the deal from the brink of collapse, strategically crafting addendums that addressed the evolving circumstances,” according to the LAAA Team.
- ◦Sale/Acquisition
