Updated Dec 4, 2024
REDA Residential JV Acquires 7.05-Acre Culver City Redevelopment Site
6201 Bristol Parkway & 6229 Bristol Parkway
Building Size
70,534 SF
Asset Type
Retail
Closing
Mar 8, 2024
About this deal
AI
The property at 6201-6229 Bristol Pkwy in Culver City, California, is a retail asset spanning approximately 70,534 square feet. The site sits on an extraordinary ±7.05-acre redevelopment site with potential for multifamily, medical, hospitality, office, and retail uses.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Buyer:
- Seller's Rep: Laurie Lustig-Bower, Kadie Presley Wilson, Kamran Paydar & Connie Lu - CBRE
Ally Commercial Real Estate, represented by Luc Hawkshaw, Eric Mandell, Mark Reynolds, and Gabe Wilson, facilitated the sale of the property. Culver City's growing demand for housing has driven interest in the site, with new housing goals set to be achieved by 2029 to meet the city's increasing housing needs.
On the Map
Retail
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Players
Culver City Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93