Westside Wells Fargo building sells for $11M

Los Angeles /
Apr.April 13, 2016 04:00 PM

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.


Related Articles

arrow_forward_ios
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Red Oak Investments' Alex Wong and A-1 Trailer Park (Google Maps, Red Oak)
Presto on PCH: apartment developer plans to make trailer park disappear
Presto on PCH: apartment developer plans to make trailer park disappear
The portion of land with renderings of proposed development (LoopNet)
6 percent of Bel Air on discount
6 percent of Bel Air on discount
600 East Broadway (SRS)
$43M price check at Vons supermarket in Long Beach
$43M price check at Vons supermarket in Long Beach
Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)
Price revealed: Lone Star paid $71M for Westin LAX
Price revealed: Lone Star paid $71M for Westin LAX
CGI+ CEO Gidi Cohen and 5200 South J Street in Oxnard CA (CGI+, Google Maps)
CGI+ buys Ventura County apartment complex
CGI+ buys Ventura County apartment complex
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...