Faring makes $30M assemblage play on WeHo/LA border

Jason Illoulian’s firm plans to develop project on 70K sf parcel

Los Angeles /
Dec.December 10, 2019 08:00 AM
Jason Illoulian and the Cemex plant
Jason Illoulian and the Cemex plant

Jason Illoulian’s Faring has assembled more than 70,000 square feet of land for an upcoming project on the border of West Hollywood and Los Angeles.

In a series of deals totaling $29.6 million, the firm purchased 1000-1028 N. La Brea Avenue in WeHo, home to concrete manufacturing plant CEMEX and antique store Noble House Antiques, as well as 1011-1013 Sycamore Avenue and 7061 W. Romaine Street in L.A.

Faring did not comment on specific development plans for the assemblage, but said in a statement that it would become an “eastern gateway” to West Hollywood.

Illoulian, when reached for comment, did not identify the sellers, and declined to elaborate on the proposed eastern gateway concept. CEMEX, according to previous news clippings, looks to be the owner of 1000 N. La Brea. The property is located near the intersection of Santa Monica Boulevard and N. La Brea Avenue, where a new Metro subway station along the purple line’s Crenshaw/LAX light rail extension has been proposed.

The acquisitions, which were brokered by Avison Young, cap off a busy few months for Faring.

Just last week, West Hollywood’s planning commission gave final approval to the firm’s new three-story office complex that will incorporate the existing French Market building at 7985 Santa Monica Blvd., according to the developer. The roughly 70,000-square-foot complex will have office space while the front portion of the new building will have a restaurant and retail space.

In May, West Hollywood approved Faring’s Robertson Lane hotel and retail project. Demolition begins next month, Illoulian said. The project, built around the historic Factory building, will see a nine-story hotel with 241 rooms, a ground-floor retail and event space, and a restaurant built on a two-acre site around the Factory.

Faring also is planning a mixed-use complex across the street at 637-651 La Peer Dr.


Related Articles

arrow_forward_ios
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
67k sf warehouse in works for Pacoima
67k sf warehouse in works for Pacoima
67k sf warehouse in works for Pacoima
arrow_forward_ios

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

Loading...