Opportunity Zone Site Sees Tremendous Interest

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.