REDA Residential and an undisclosed investor have bought a 68,000-square-foot shopping center in Culver City for $49 million, with plans to redevelop it for homes.
The unit of Newport Beach-based Real Estate Development Associates and the family office investor purchased Fox Hills Plaza at 6201-6229 Bristol Parkway, the Los Angeles Business Journal reported.
The deal works out to $721 per square foot, or $7 million per acre. The shopping center, built in 1973, is near the 405 Freeway, across from Westfield Culver City Mall.
The seller of the 7-acre property was Beverly Hills-based Bristol Parkway Propco, led by Henry Shahery, which bought the shopping center in 2022 for $56 million, or $824 per square foot and $8 million per acre. The former owner intended to redevelop the site.
REDA Residential also plans to redevelop the shopping center, potentially bringing “hundreds of residential units” to the property, according to the Business Journal.
Specific plans for its redevelopment were not disclosed. If a project is approved, REDA could break ground as early as next year.
Broker Eric Mandell of Ally Commercial Real Estate represented the buyer. The seller was represented by Laurie Lustig-Bower of CBRE Group.
In late 2022, Real Estate Development Associates filed plans to build a 2.9 million-square-foot distribution warehouse campus in Ontario, on 130 acres near Chino Airport in the Inland Empire.
— Dana Bartholomew
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