In the Woodland Hills deal, an Orange County-based developer has acquired an eight-acre multifamily site at 20600 Ventura Blvd. that has sold three times in four years, once for $48 million. In Glendale, Burbank-based Gangi Development Co. will receive‭ ‬2.16‭ ‬acres of surplus city-owned land earmarked for multifamily use in exchange for deeding 18.4‭ ‬acres of hillside woodlands to the city for open space.

[IMGCAP(2)]According to brokers from the Lee & Associates Multihousing Investments Group in Sherman Oaks who represented the buyer of the eight-acre parcel at 20600 Ventura Blvd., the developer plans to re-entitle the parcel, which was entitled for 355 condominium units with 18,000 square feet of retail under a previous owner but was never developed. The name of the buyer was not disclosed, but industry sources tell GlobeSt.com that it was Integral Communities.

Principals Craig Stevens and John Battle of Lee & Associates, who have brokered each of the three sales of the site, say that it's too soon to tell how many units the new owner will decide to build, but it is likely that the final project will be less than the density first envisioned for the property. The other Lee agents for the latest transaction were principal Jim Fisher and associate Mike Smith. The 20600 Ventura Blvd. property was sold by Bank of America, which was represented by a CB Richard Ellis team headed by vice chairman Sean Deasy of CBRE's Newport Beach office that included associate Tyler Martin in the Downtown L.A. office and financial analyst Jeff Ober in the company's Ontario office.