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Lendlease Development has acquired an opportunity zone development site in Culver City for $92 million. The 3.6 acre property currently houses a self-storage facility, but the zoning allows for commercial or mixed-use development. Lendlease plans to take advantage of the strong demand for both residential and office development.

This year seems an unexpected time for a significant land transaction, but seller La Cienega Properties saw continued demand in the submarket, despite the downturn. “The momentum and resulting price appreciation in Culver City made it a compelling time for the family to sell. The potential tax law changes were also a factor,” Kevin Shannon, co-head of U.S. capital markets at Newmark, tells GlobeSt.com. Shannon a represented the seller in the deal along with executive managing directors Ken White and Rob Hannan and senior managing director Laura Stumm.

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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.

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