A property at the edge of West Hollywood and Beverly Hills has sold for development.
The land 400-430 South San Vicente Blvd. has long been home to an approximately 17,228-sq. ft. retail center.
Kidder Mathews executive vice-president Janet Neman represented the owner, a Los Angeles-based private investor, in selling the 28,497-sq. ft. lot for land value to Oklahoma Rock Holdings and The Abraham Companies.
In a statement, the brokers said the buyers plan on building a mixed-use development with more than 100 multifamily units and ground-level retail and restaurant space.
“Developments are trending due to the shortage of housing in Southern California,” said Neman. “This development will fulfill the strong demand for luxury residential units in one of the most desirable areas of Los Angeles.”
“This is an exciting opportunity to address the city’s housing needs with a thoughtfully designed project that will be compatible with the surrounding neighborhood,” said The Abraham Companies president J.J. Abraham.
