Sabin Burrell, Simon Aftalion & Daniel Glimcher Acquire Development Site In West LA For $4.1M

The development site at 12222 Exposition Boulevard & 2200 Wellesley Avenue, located in the West LA Sawtelle & Los Angeles market, has transitioned ownership with a sale price of $4,100,000. This property encompasses approximately 39,000 square feet, with a proposed development plan for 88 units. The buyer has estimated a cost per unit of $46,000, which reflects a calculated price per square foot of $435.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,100,000
• Building Size Footage: 39,000 BSF
• Price Per Building Square Foot: $105
• Building Footage: 9,415 SF
• Price Per Square Foot: $435
• Units Proposed: 88
• Cost Per Unit: $46,000
• Buyers: Sabin Burrell, Simon Aftalion & Daniel Glimcher
• Brokers: Errol Spiro & David Miller – Miller Desatnik Realty Corp

Miller Desatnik Realty Corp played a key role in the transaction, successfully securing acceptance of Passo’s offer on this off-market deal. The project, involving a large 9,500 square foot corner assemblage of two lots zoned LAR3, highlights the buyer's intent to build approximately 88 units under the ED1 program. As noted by the buyer's representative, the estimated total cost for the project is around $29 million, marking another significant step for Passo, a Los Angeles-based real estate development and investment firm.