Buyers are showing tremendous interest on opportunity zone sites in Los Angeles. The nearly 30,000-square-foot unentitled land site at 111 N. Harbor Boulevard in San Pedro received 18 offers from buyers before Urban Stearns won the deal for $3.9 million from Harbor Shoreline LLC,. It plans to entitle the site for 120 apartment units and onsite retail.

The San Pedro waterfront is currently undergoing a $1.2 billion transformation, led by the Port of L.A. The redevelopment added to the appeal of the site, as well as the fact that it is located in a tier 2 zone Transit Oriented Communities Affordable Housing Incentive Program. Previously, a developer had entitled the site for 65 condominium units with onsite retail, but that tract map has since expired.

CBRE brokers Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer and the seller in the deal.

 

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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.