Saturday, October 15, 2011

Downtown Glendale, CA Development Site Listed by IPA



 GLENDALE, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has retained the exclusive listing for City Center II, (top left rendering)  a 1.38-acre development site located at the corner of Wilson Avenue and Brand Boulevard in downtown Glendale. The property is being offered as an open bid.

Ron Harris, an executive vice president investments, and associate directors Paul Darrow and Joseph Smolen are representing the seller.

City Center II is located in a true infill location two blocks from the The Americana at Brand (lower left photo) lifestyle center, the Glendale Galleria (middle right photo) and dozens of local stores and restaurants along Brand Boulevard,” says Darrow. “The site is currently entitled for the construction an 18-story tower and a 20-story tower that combine for a total of 184 condominium units and 172 hotel rooms.” 

Although the current entitlements are being evaluated by a number of developers, many prospective buyers are considering re-entitling the site for a lower density mid-rise concept consisting of apartments over retail.

“The multifamily rental market has gained significant momentum, both in operations and values,” adds Harris. “Many developers are indicating that they find a mid-rise concept to be a more cost-efficient approach that will be better suited to current market conditions.”

Located at 111 N. Brand Blvd. in Glendale, the site will provide future residents and guests with easy walks to a wide variety of shopping and dining options, farmer’s markets, theatrical productions and dance shows.

Glendale offers a myriad of public and private transportation options for residents seeking to visit adjacent employment hubs, including downtown Los Angeles, Burbank and Century City.  

Glendale is the third-largest city in Los Angeles County with a population close to 200,000 and more than 1.4 million people within a seven-mile radius.

IPA is a division of Marcus & Millichap Real Estate Investment Services.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
           

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