City Of LA LADOT Acquires Development Site From Brea Canon Oil Co For $12M

The development site located at 23903 South Normandie Avenue in Harbor City was sold for a total price of $12,000,000. The property encompasses 211,071 square feet, translating to a price per square foot of $56. The building is part of a market where the base square footage is reported as 100,000, resulting in a price per base square foot of $120.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Buyer: City of LA LADOT
• Seller: Brea Canon Oil Co
• Broker: Jeffrey Morgan - Cushman & Wakefield
• Base Square Feet: 100,000
• Square Feet: 211,071
• Price per Base Square Foot: $120
• Price per Square Foot: $56

The buyer, the City of LA's LADOT, intends to utilize the site for the development of a new clean energy bus charging station intended to enhance the city’s transportation network. The deal was facilitated by Jeffrey Morgan, representing Cushman & Wakefield.