January 12, 2007
Manhattan Beach, California/January 12, 2007 - Triad Ventures, Inc. has completed its purchase of 7.28 Acres in the City of Gardena for the development of their "Artesia Square" mixed-use project. The property is located on the south side of Artesia Boulevard, between Western and Normandie Avenues.
As the cornerstone of the newly approved 'Artesia Corridor Specific Plan,' Triad's "Artesia Square" aims to provide the spark for redevelopment along Artesia Boulevard, in an area likely to become the southeastern 'Gateway to the City of Gardena.' Triad Ventures worked closely with City officials in developing a project for the site which can be complemented by further development of the surrounding area. "Artesia Square" will consist of nearly 17,000 square feet of commercial/retail space, along with 98 residential units. Thirty-five of the planned residential units will be live/work and the remaining sixty-three will be of row-house design.
After previously failing to bring a deal to fruition with numerous other Buyers, the Seller, Japanese firm Beniya Offset Corporation, finally found success with Triad for an undisclosed amount. The City of Gardena has shown their support for Triad's project by approving "Artesia Square" prior to Triad's close of escrow on the underlying land. In a show of further interest in the project, Triad Ventures has already sold the residential portion of the approved site to MBK Homes, Ltd., in what became a simultaneous close. At this time Triad plans to build out the commercial/retail portion of the project.
Robert Dunne of GW Realty Company represented Triad Ventures, Inc. as Buyer in the transaction. GW Realty Co. 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 Co. 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 Co. is continually searching for and finding development opportunities.
Working from GW Realty Co.'s Manhattan Beach 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.