Lendlease Acquires Development Site In Culver City For $92M
SOLD
$92,000,000
+ 2
California
See Similar DealsDevelopment Site40,570 SF
Sold 01/03/2021
SOLD
Lendlease Acquires Development Site In Culver City For $92M
3401 South La Cienega Boulevard
See Similar DealsDevelopment Site40,570 SF
Sold 01/03/2021
+ 2
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$2,267
Total Square Footage:40,570 SF
Transaction Type:Sale
A development site located at 3401 S. La Cienega Blvd in Culver City has been sold for $92,000,000. The property spans across 3.6 acres. The sale transaction took place on January 4, 2021. The buyer of the property is Lendlease, represented by Arden Hearing and Aware Super Secure. The seller is La Cienega Properties Ltd. The deal was facilitated by brokers Kevin Shannon, Ken White, Laura Stumm, Rob Hannan, and Anthony Muhlstein from Newmark.
Summary of transation details
- Property Type: Development site
- Transaction Amount: $92,000,000
- Address: 3401 S. La Cienega Blvd
- Market: Culver City
- Acres: 3.6
Lendlease, with representation from Arden Hearing and Aware Super Secure, acquired the development site located at 3401 S. La Cienega Blvd in Culver City. The sale was facilitated by Kevin Shannon, Ken White, Laura Stumm, Rob Hannan, and Anthony Muhlstein of Newmark. This transaction marks a significant investment in the Culver City market and emphasizes the buyer's interest in developing the property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$326,856.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$436,126.94
Annual Debt Service$5,233,523.23
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