Payton Mayes Of JPI Acquires 4.86 Acre Development Site In Torrance For $40M From Gidi Cohen

A fully entitled 4.86-acre multifamily development site located at 22107-22127 South Vermont Avenue in Torrance was sold for $40 million. The asset is situated within the West Carson Transit Oriented District and is planned for a 525-unit project designed by AC Martin, including affordable units and resort-style amenities.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $40,000,000
• Buyer: Payton Mayes - JPI
• Seller: Gidi Cohen - CGI+ Real Estate Strategies
• Brokers: Chris Gomez-Ortigoza & Tim Barden - Land Advisors Organization
• Market: Torrance
• Acres: 4.86

CGI+ Real Estate Strategies sold the development site to JPI after delays in construction due to rising costs. The transaction reflects a strategic decision by both parties in response to current market conditions.