NAI Capital Completes Sale of $7M Residential Development Site in Culver City, CA
Los Angeles, CA, July 24, 2018– Executive Vice President Fariba Kavian and Vice President Sam Monempour with NAI Capital’s West Los Angeles office along with Arthur Arejian, President of Vanguard Investments, Inc. completed the sale of a 10,040 square foot development site in Culver City, Calif. Fariba and Sam represented the seller, Napa Industries. The buyer was California Landmark Group. The total sale price was $7,000,000, almost $700 per square foot.
The property is zoned LAR5 and located at 3812-3818 Dunn Drive, adjacent to the city of Culver City within the Westside of Los Angeles. The property is centrally located, one block from Sony Pictures Plaza and walking distance of Columbia Pictures and City Hall. A myriad of shopping and entertaining amenities surround this very densely populated and affluent area.
Fariba said, “This is a great opportunity for a developer to purchase and develop apartments in Culver City, one of the hottest residential markets on the Westside, where R5 zoned land is hard to find.”
Land in high-density urban areas of the Westside is in limited supply and seeing huge demand. Once developed, this property will go up in value significantly,” Sam added.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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