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Christina Development buys one of Larchmont Village’s largest retail properties
A family with generational ties to the area sold the commercial space for $24M
Christina Development Corporation has picked up a Larchmont Village retail property for $23.5 million, one of the largest properties of its kind in the area.
The Malibu-based investor paid $1,372 per square foot for the 17,000-square-foot property, which stretches from 124-148 N. Larchmont Boulevard, the village’s main commercial strip, according to the Los Angeles Business Journal. The property is one of the largest of its kind in the area, and has long been owned by the family of Julius LaBonte.
Current tenants include a toy shop and bookstore. The property also has 43 surface parking spaces. It was built in 1921 and has been owned since then by the LaBonte family. Julius LaBonte helped establish Larchmont Village, according to the Journal. The neighborhood is south of Hollywood and east of the Wilshire Country Club.
Christina Development invests in both commercial and multifamily properties around Los Angeles. Its latest fund closed on Sept. 1 and has three commercial and four apartment properties. The firm focuses in on prime markets, including Santa Monica, Malibu, Beverly Hills and West Hollywood. [LABJ] — Dennis Lynch