HOLLYWOOD-An affiliate of West Los Angeles-based Champion RealEstate Co. has acquired a five-building, mixed-use complex on a2.76-acre site that is planned as part of a transit-orienteddevelopment featuring retail, restaurants and luxury apartments.The property sold for $20 million in an all-cash transaction,according to receiver Taylor B. Grant, who heads Newport Beach,CA-based California Real Estate Receiverships. CalRER handled thesale on behalf of the lender, US Bank.

Champion plans to entitle and build a $100 million transitoriented, mixed use project featuring retail, restaurants andluxury apartments. The developer estimates that securingentitlements will take about a year. The property―whichconsists of three small office buildings, two multifamilystructures and three parking lots―is bounded by Highland,Hawthorne and Selma avenues, and McCadden Place.

“This was a great opportunity for us to acquire a well located,value-added property even though it did not have entitlements,”said Robert Champion, Champion CEO. “We are actively looking foradditional urban infill development opportunities for retail,multi-family and mixed use and expect to be competitive given ourability to pay all cash and buy properties withoutentitlements.”