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
California Retailers Association president Rachel Michelin (iStock)

Skeptical retail lobby wants data to justify Covid restrictions

Skeptical retail lobby wants data to justify Covid restrictions
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
arrow_forward_ios

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

Loading...