Hollywood, Calif., Land Sells for $19.8Mln

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Orest Mandzy

A Los Angeles development venture has paid $19.8 million for a collection of land parcels in Hollywood, Calif.

The venture, CSGF Pacific ABS Hollywood partners two developers with a financial partner and was arranged by Madison Partners of Los Angeles. Madison also arranged for the purchase of the three parcels, which total 2.3 acres and were acquired from from three separate owners.

The development venture is expected to construct a mixed-use project, which would include residential condominiums and retail space, on the site.

The three parcels, which are just west of the junction of Hollywood Boulevard and Western Avenue, are:

- 5512-20 Hollywood Boulevard, which was purchased from Holly Tree Village Partners and FLJC Co.;

- 5530 Hollywood Boulevard, purchased from a local partnership and

- 5544-50 Hollywood Boulevard, which was purchased from Alexander Becker Carpets Inc. and the Becker Revocable Trust.