Opportunity Zone Development Site Snagged in San Pedro
Urban Stearns acquired a nearly 30,000-square-foot development site in San Pedro, CA from Harbor Shoreline LLC for $3.9 million. The development site at 111 N. Harbor Blvd. sits within an opportunity zone just across from the oceanfront, and is suitable for redevelopment into mixed-use residential.
The property also lies within a Transit Oriented Communities Affordable Housing Incentive Program (TOC), Tier 2 zone. It was previously entitled for 65 condominium units with retail, but the tentative tract map expired in 2010. Urban Stearns has plans to entitle 120 units with retail on the site.
CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer, a Los Angeles-based mixed-use and multifamily developer, as well as the seller.
“We received a total of 18 offers for the property,” said Lustig-Bower. “The high level of interest and competitive bid process was driven largely by the great location within an opportunity zone.”
A&B Partners’ Salar Royaei, who arranged for the 77.5% non-recourse debt financing on unentitled land, notes “there were some environmental concerns, however we were able to mitigate the lender’s concerns.”
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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