Lee& Associates Investment Services Group Represents Buyer in Purchase of Whittier Development Site
Updated: Jan 5, 2022
Photo Courtesy of Florence Homes
Lee & Associates Investment Services Group Represents Buyer in Purchase of 1.21-Acre Whittier Development Site
17 Detached Condominiums are Proposed on Re-zoned Industrial Property
LOS ANGELES – December 17, 2021 – Lee & Associates Investment Services Group has announced the sale of 8315-8319 and 8335 Greenleaf Avenue, a five-parcel, 1.21-acre redevelopment site in Whittier, California. Senior Vice President, Jesse Muñoz, represented the buyer, Downey-based Florence Homes, in the transaction.
Located just south of Whittier’s Uptown district and adjacent to the Whittier Greenway Trail, the property was re-zoned from industrial use to R2, allowing for residential development. “The City of Whittier made a great decision in rezoning this underutilized site,” said Muñoz. “The highest and best use for the property is a residential project, and my client has the vision and experience to realize its potential.”
The 52,731 square-foot property’s current improvements include several small industrial buildings and a former meeting hall, all of which will be demolished to make way for Florence Homes’ proposed project of 17 detached condominiums.
According to Muñoz, the transaction required a collaborative effort from all parties involved. “We faced hurdles in getting this deal done that included strict municipal regulations and challenging market conditions, but with everyone pulling in the same direction, we made it happen.”
Whittier, a city covering 14.8 square miles with a population of approximately 86,000, is part of the Gateway Cities Region which links Los Angeles and Orange Counties. The area has attracted recent attention from major regional developers. Less than one mile from 8315-8319 and 8335 Greenleaf Avenue, construction is underway at Brookfield and Lennar’s 75-acre master-planned community known as The Groves in Whittier, which features the preservation of several historic buildings alongside 561 new residential units.
Muñoz expects to see a continued appetite for acquisitions in the region surrounding the recent sale on Greenleaf Avenue by residential developers.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit www.lee-associates.com. For more information on Lee & Associates Investment Services Group, visit www.lee-isg.com