Norma Padilla Acquires Development Site In Los Angeles From Bijan Shahmoradi For $2.1M

The asset involved in this transaction is a development site located at 1233 South Bedford Street in Los Angeles. The sale price for the property was $2,100,000, with a price per land square foot of $307 and a price per buildable unit of $58,333. The site comes with entitled plans to build 36 units and is classified as 100% Affordable ED1 Development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,100,000
• Location: 1233 South Bedford Street, Los Angeles
• Seller: Bijan Shahmoradi
• Buyer: Norma Padilla
• Seller's Representative: Filip Niculete & Glen Scher - LAAA Team - Marcus & Millichap
• Buyer's Representative: Adam Leiden - Ashby & Graff Real Estate
• Price per Land Square Foot: $307
• Price per Buildable Unit: $58,333
• Note from Broker: 100% Affordable ED1 Development, Entitled Plans to Build 36 Units
• Record Sale for ED1 Development
• Highest Price per Unit Ever for an ED1 Development Sale

The transaction highlights the participation of key individuals and companies. The seller, Bijan Shahmoradi, was represented by Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap. On the buyer's side, Norma Padilla was represented by Adam Leiden from Ashby & Graff Real Estate.