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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).