Claudia Casado Family Trust Sells Development Site At 5426 Melrose Avenue For $2.22M

The development site located at 5426 Melrose Avenue in Los Angeles was sold for $2,220,000. The property encompasses 7,000 square feet, resulting in a price per square foot of $317. The seller of the property was the Claudia Casado Family Trust.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,220,000
• Square Footage: 7,000
• Price per Square Foot: $317
• Address: 5426 Melrose Avenue
• Market: Los Angeles
• Seller: Claudia Casado Family Trust
• Buyer's Brokers: Steve Ravan, Mane Ajaryan, and Sasha Soofer - South Park Group

Steve Ravan, Mane Ajaryan, and Sasha Soofer of South Park Group represented the buyer in this transaction. Originally listed for $5,500,000, the SPG team successfully negotiated the sale price down to $2,220,000. The buyer intends to entitle and develop a mixed-use project at this site, strategically located across from Paramount Studios and near Larchmont Village. This transaction underscores South Park Group's expertise in identifying value and executing precisely in the real estate market.