The Real Deal Los Angeles

Westside Wells Fargo building sells for $11M

The buyer was Harbor Group International, a Norfolk-based investment firm

April 13, 2016 04:00PM
By Cathaleen Chen

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10789 West Pico Boulevard (credit: CBRE)

10789 West Pico Boulevard (credit: CBRE)

Norfolk-based real estate investment firm Harbor Group International bought a single-tenant property leased to Wells Fargo at West Pico Boulevard and Glendon Avenue in West L.A. for $11 million.

L.A.-based Lucy Doheny Washington Trust was the seller of the property, located at 10781 to 10789 West Pico Boulevard and 2380 Glendon Avenue. The Dohenies, a Southern California family, got rich off petroleum in the late 19th century.

According to CBRE’s Dan Riley, who represented the seller along with Austin Wolitarsky, the property could be redeveloped into a mixed-use complex or commercial offices.

The lot is located across from the Westside Pavilion mall. Situated between Rancho Park and Westwood, the the average household income within a one-mile radius of the property is more than $111,000.

In the final quarter of 2015, commercial rents in Westwood saw a nearly 2 percent rise to $4.61 a square foot a month, according to a January report by Newmark Grubb Knight Frank.