AGOURA HILLS, CA—A one-acre plot of entitledland has traded in hands in a sale that drew majorattention from developers. After receiving eight competitiveoffers, developer Raven Ridge Development won thebid, and plans to develop 18 townhomes on the parcel.

“There is very low land available in that area formultifamily sales, and the entitlement process inAgora Hills, CA, is very lengthy and expensive,” JohnBattle, SIOR, a principal at Lee &Associates who represented the buyer and seller in thetransaction, tells GlobeSt.com. “The barriers-to-entry for any newproduct are very high. So, when there is a site that is alreadyentitled and ready for permits, it is very attractive todevelopers.” Battle was joined in representing both parties by Lee& Associate's Matt Benwitt.

The sellers, who own and operate high-end carwashes, spent nineyears obtaining permits for the site, with the intention ofbuilding a carwash on parcel, which is located at Palo ComadoCanyon Road and Chesebro Road. After the process, the sellerdecided against building a new carwash site and opted to seller theentitled land.