This land in Culver City, California was originally farmed during the great depression by the Khasigian family of Fresno before becoming a Pep Boys ground lease development in 1994. The rent versus today shows how dramatically values have changed. I remember vividly arguing with the family’s patriarch Amos about how $12,000 a month was too high for the 2-acre parcel on Sepulveda blvd in Culver City California, but he persisted and explained to me how the area would evolve and how the land would always go up in value. I thought he was asking for the moon but eventually the company agreed to the terms and went forward with the project. Todays’ rents would by closer to $100,000 a month with land values in culver city fetching $200 per foot for multifamily projects and the highest and best use would not have been a Pep Boys. This deal taught me a lot about real estate in retrospect and all the late-night calls with Amos are more relevant today than ever! The requirement to obtain a condition use permit (CUP) was the largest hill to climb and the entire neighborhood fought the project tooth and nail and the actual public hearing at times descended into Kaos especially when I went up to the podium and told the audience what alternative I had in store if this was not approved including a mental health clinic! The Pep Boys folks were none too pleased with me, but I think it helped. The project took about three years in total to entitle and build and still sits today as a testament to my skills as a young commercial agent in the Southern California market during a recessionary period. https://www.culvercity.gov https://www.pepboys.com
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