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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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition
