Developer Xebec has acquired a 10-acre land site east of Downtown Los Angeles, has learned exclusively. The site had fallen out of escrow several times because it has environmental site issues that made it a challenging property. Xebec, however, has handled environmental challenges and has become an expert at understanding and navigating these issues.

While the firm has experience with environmental issues, it also owns an adjacent three-acre property, which made the company comfortable with the deal from the start. “There are regional environmental issues that kept other buyers away because it was an unknown, but because Xebec had already transacted within that area, and that gave the seller a lot of confidence that they knew what they were doing,” Christopher Sheehan, EVP at Colliers International, tells “There were also some site-specific issues that the seller had done a very good job of quantifying. As a result, Xebec was able to get a level of comfort with both the site-specific and the regional issues.” Sheehan represented Xebec in the deal along with EVP Scott Heaton.

The landsite traded hands for $13 million, a relative discount to current land prices in Los Angeles. “The seller was going in with eyes wide open. They wanted to work with a buyer that would close and understood the area, and there was a discount for the buyer because they were undertaking a project that had some issues,” says Sheehan.

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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 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.

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