TEMPLE CITY, CA—The Olson Co. has acquired 6.3 acres of industrial land on an irregularly shaped parcel with plans to build 74 urban infill homes. As part of the transaction, Olson requested the city rezone the land from industrial use to residential use. After several months, the city approved the rezoning request and Olson closed on the land sale.
“Ultimately, the sale hinged on a change in zoning from an industrial use to residential,” says Wayne Lambert, SVP of the Colliers International. “That sounds so simple, but, in order to get there, it requires so many different steps that it becomes a necessary and very lengthy process. I don’t think any of us thought it would take as long as it did to accomplish, but we are pleased to have seen it through the maze of site-plan reviews, general plan amendments, environmental studies, noise studies, and public hearings.”
The land site has been vacant since 2011, although past tenants include Huff Lumber and Reliable Wholesale Lumber. The developer plans to design a vibrant neighborhood that it believes is much needed in the market. The plans include 74 attached and detached single-family homes in a walkable community near public transit. The community will be gated, and include a sound wall to block noise from the nearby Union Pacific Railroad Line. “We really like the San Gabriel Valley market and we continue to look for additional opportunities there,” says Scott Laurie, CEO of Olson Co. “Our belief is that buyers there are looking for new products, but there is not much new inventory. We plan to change that where and when we can and that’s why we were so determined to push for a zone change and buy this property.”
These are the types of projects for which the Olson Co. is known. A few years ago, they broke ground on a $90-million, 192-unit development in Buena Park.
According to industry sources unrelated to the deal, the Olson Co. purchased the land for approximately $4.6 million. Colliers International’s Lambert, EVP Scott Heaton and Associate Joe Williams represented both the buyer and the seller, Ramshorn Corp., in the transaction.