Bo Zarnegin Acquires Development Site In West Los Angeles For $3.21M

A development site located at 1463-1467 Wellesley Avenue in West Los Angeles has been sold in a recent transaction. The property, which is situated in the West Los Angeles market, offers potential for future development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,210,000
• Date: 01/07/2022
• Buyer: Bo Zarnegin
• Seller: Carol Lee Butte
• Brokers: Filip Niculete & Glen Scher (LAAA Team) - Marcus & Millichap

The transaction involved notable individuals and companies. Bo Zarnegin served as the buyer, while Carol Lee Butte was the seller. Filip Niculete and Glen Scher, representing the LAAA Team at Marcus & Millichap, acted as the brokers in the deal. The sale price for the development site was $3,210,000.

This transaction saw a high level of interest, with a total of 7 offers generated. Additionally, the escrow was opened without contingencies, and the deal was closed after a 6-month escrow period. Notably, the development site sold at a price of $214,000 per buildable unit, or approximately $206.78 per land square foot.