LOS ANGELES — Red Mountain Group Inc. has acquired La Cienega Triangle, an 8.6-acre property located at the three-pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. The price was not disclosed.
The local trade area is home to more than 826,000 residents in a five-mile radius, employs 321,000 and sees over 135,000 cars a day.
A 117,838-square-foot urban redevelopment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelopment will be followed by an additional 42,700 square feet of ground-up improvements on the balance of the site.
The development will include a grocery store, entertainment, soft goods carriers, sit-down food service facilities and four drive-thru operators. A 30,000-square-foot office building is also located on the site.
Bill Bauman of Savills Studley and Luke Palmo of Coldwell Banker Commercial brokered the transaction.