Prime Development Site Near SoFi Stadium Sells for $11M
CBRE has arranged the $11 million sale of a 41,000-square-foot development site adjacent to SoFi Stadium in Inglewood, CA. Surrounded by several new sports and entertainment-themed projects, the site is a prime candidate for redevelopment as a hotel or mixed-use venue. CBRE’s Simon Mattox, Austin Wolitarsky, Dan Riley, Bill Durslag and Kyle Woods represented the seller, White & Day Inc. The buyer was Lavissani, LLS.
Since SoFi Stadium was announced to be built in 2016, the Hollywood Park Submarket has seen burgeoning growth. As of spring 2021, more than 900 multifamily units are under construction within a two-mile radius of the site.
“The property’s irreplaceable location combined with its solid real estate fundamentals, made it a highly sought-after redevelopment play,” said Mattox in a news release. “We leveraged CBRE’s vast network to obtain market data and reach qualified investors, creating a competitive bidding environment for the property.”