West Hollywood Redevelopment Property Trades for $47M
CBRE has announced the sale of a 1.6-acre property on North La Brea Boulevard in West Hollywood, CA for $47 million. The site, currently housing building materials company CEMEX, was acquired by a private local developer. CEMEX will continue operating while the new owner finalizes development plans.
The property sits within the area’s emerging entertainment and life sciences district and in proximity to The Lot at Formosa studio campus. Other companies in the immediate area include Sirius XM and Live Nation-Ticketmaster, as well as several art galleries, retail and restaurants.
“Because the property is one of very few remaining commercially zoned parcels of significant size in the market, it represents one of only a few opportunities to amass considerable density within West Hollywood and Los Angeles. We saw a considerable amount of interest for this deal,” said CBRE’s Dean Zander who facilitated the transaction along with Stew Weston and Chris Tresp.
- ◦Sale/Acquisition
- ◦Development
