August 24, 2007
August 24, 2007, Los Angeles, CA — In what could only be viewed as good news for the Los Angeles residential real estate market, The Olson Company recently closed escrow on vacant land in The City of Montebello that they plan to develop into a residential townhome community. The property is located on the north side of Washington Boulevard, between Bluff Road and Fourth Street. Robert Dunne of GW Realty Company represented The Olson Company as Buyer in the transaction.
Purchased from The City of Montebello as part of a larger retail and residential mixed-use development, the residential land component that The Olson Company has purchased was the first half of a two part transaction. The Olson Company is scheduled to close on the commercial land portion for the development in January of 2008. Mr. Dunne will again represent The Olson Company as Buyer in that transaction.
"Washington Square" will help satisfy The City of Montebello's desire to see redevelopment take place along Washington Boulevard, and will bring much needed work-force housing to the area. City leaders worked closely with The Olson Company in designing a mixed-use development that fits the needs and demographics of their residents. "Washington Square" will consist of approximately 7100 square feet of commercial/retail space, along with 60 attached townhouse residential units on 3.14 acres.
After previously failing to develop the vacant parcel with several other builder groups via exclusive negotiating agreements, The City of Montebello decided to put their land out to the greater market via an RFQ/RFP. While The Olson Company is known for having a sharp eye for such opportunities, it was through the efforts of Mr. Dunne that the builder learned of the Montebello opportunity.
GW Realty Company specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $2 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Company concentrates their efforts on key relationships with a select group of clients and properties. Due to the decreasing supply of available development properties, GW Realty Company is continually searching for and finding development opportunities.
Working from GW Realty Company's new Downtown Los Angeles office, Robert Dunne specializes in these types of hard to find in-fill opportunities throughout Los Angeles County. For additional information regarding this transaction or other Los Angeles County opportunities, please call Robert Dunne at (310) 546-2222 or contact Mr. Dunne via email at robert@dirtdeals.com.