Greater Wilshire Development Site | Portfolio Split, Interim Lease, $237 Per Land SF
Considering selling? Get a complimentary, confidential valuation.
The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 4623-4631 Beverly Blvd, three contiguous C2-1 development lots totaling 21,000 SF in Greater Wilshire, which sold for $4,975,000, a $237 per land SF basis.
This sale started as something much bigger. We originally listed the property on June 23, 2023 as part of a six lot development portfolio. As the marketing process unfolded, we advised the sellers to break the portfolio apart and reposition each site as its own offering, matching each property to the buyer pool most likely to pay for it. Beverly Blvd became a standalone offering with its own story: three contiguous commercially zoned lots on a signalized stretch of one of the city's best known corridors.
A vacant development site produces no income while it sells, so in August 2025 we negotiated an interim lease with a tenant, structured with termination flexibility. The sellers generated cash flow through the entire marketing process without ever tying up the site for a future developer. That lease is the kind of detail that rarely makes it into a closing announcement, and it mattered as much as any pricing decision we made.
The buyer conversation started in mid December. Their original offer came in at $4,400,000, and we did not respond to it. Instead, we repriced the offering at $5,250,000, and before going back out to the broader market we brought the buyer up to $5,200,000. Escrow opened on February 23, 2026 with a 50 day due diligence period and a 165 day close.
Development deals are won and lost in due diligence. The buyer needed additional time to work through entitlement and development challenges on the site, and we worked with both sides to keep the transaction moving. In the end the buyer removed all contingencies, released a significant deposit, and closed escrow on July 22, 2026, two weeks ahead of schedule, with plans to build a 55 unit market rate development.
The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 4623-4631 Beverly Blvd, three contiguous C2-1 development lots totaling 21,000 SF in Greater Wilshire, which sold for $4,975,000, a $237 per land SF basis.
This sale started as something much bigger. We originally listed the property on June 23, 2023 as part of a six lot development portfolio. As the marketing process unfolded, we advised the sellers to break the portfolio apart and reposition each site as its own offering, matching each property to the buyer pool most likely to pay for it. Beverly Blvd became a standalone offering with its own story: three contiguous commercially zoned lots on a signalized stretch of one of the city's best known corridors.
A vacant development site produces no income while it sells, so in August 2025 we negotiated an interim lease with a tenant, structured with termination flexibility. The sellers generated cash flow through the entire marketing process without ever tying up the site for a future developer. That lease is the kind of detail that rarely makes it into a closing announcement, and it mattered as much as any pricing decision we made.
The buyer conversation started in mid December. Their original offer came in at $4,400,000, and we did not respond to it. Instead, we repriced the offering at $5,250,000, and before going back out to the broader market we brought the buyer up to $5,200,000. Escrow opened on February 23, 2026 with a 50 day due diligence period and a 165 day close.
