TEMPLE CITY, CA—The Olson Co. has acquired 6.3acres of industrial land on an irregularly shapedparcel with plans to build 74 urban infill homes.As part of the transaction, Olson requested the city rezone theland from industrial use to residential use. After several months,the city approved the rezoning request and Olson closed on the landsale.

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“Ultimately, the sale hinged on a change in zoning from anindustrial use to residential,” says WayneLambert, SVP of the ColliersInternational. “That sounds so simple, but, in order toget there, it requires so many different steps that it becomes anecessary and very lengthy process. I don't think any of us thoughtit would take as long as it did to accomplish, but we are pleasedto have seen it through the maze of site-plan reviews, general planamendments, environmental studies, noise studies, and publichearings.”

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The land site has been vacant since 2011, although past tenantsinclude Huff Lumber and Reliable WholesaleLumber. The developer plans to design a vibrantneighborhood that it believes is much needed in the market. Theplans include 74 attached and detached single-familyhomes in a walkable community near public transit. Thecommunity will be gated, and include a sound wall to block noisefrom the nearby Union Pacific Railroad Line. “Wereally like the San Gabriel Valley market and we continue to lookfor additional opportunities there,” says ScottLaurie, CEO of Olson Co. “Our belief is that buyers thereare 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 wereso determined to push for a zone change and buy this property.”

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These are the types of projects for which the Olson Co. isknown. A few years ago, they broke ground on a $90-million, 192-unit development inBuena Park.

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According to industry sources unrelated to the deal, the OlsonCo. purchased the land for approximately $4.6 million. ColliersInternational's Lambert, EVP Scott Heaton andAssociate Joe Williams represented both the buyerand the seller, Ramshorn Corp., in thetransaction.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.