Rare Industrial Site Trades in Playa Vista

CBRE arranged the sale of a 1.35-acre site at 5545 Grosvenor Blvd. in Playa Vista. BLT Enterprises acquired the property. CBRE’s Michael Longo, Melissa Moock and Mark Shaffer represented the private seller.

The property is zoned M2-1 light industrial, designating areas for less-intensive industrial uses such as assembly, storage and small manufacturing. The site is currently developed to less than half the allowable density under its zoning, providing potential for future development.

“This transaction underscores the rarity and enduring value of M2-1 zoned land in West Los Angeles,” said Moock. “It marks a generational opportunity for the buyer, and we are confident this location will position them for long-term success.”

The property comprises a 13,184-square-foot industrial building on 1.35 acres, fully leased to Frontier Communications, a telecommunications company, as industrial outdoor storage. According to CBRE research, the West Los Angeles market offers only 3.3 million square feet of M1 or M2-zoned land, or 0.25% of the total commercially zoned base.

The post Rare Industrial Site Trades in Playa Vista appeared first on Connect CRE.