Westside Wells Fargo building sells for $11M

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.

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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.