A vacant shopping center near Westfield Culver City mall has sold for $56 million.
A unit of M.C. Strauss, based in Solana Beach, sold the Fox Hills Plaza at 6221-99 Bristol Plaza Parkway in Culver City, the Los Angeles Business Journal reported. The buyer was Bristol Parkway Propco, a Beverly Hills-based company led by Henry Shahery.
The sale came out to $941 per square foot in an off-market deal.
M.C. Strauss bought the 6-acre property for $2 million in 1976, claiming later it aimed to own it long term and operate it as a neighborhood shopping center.
Both parties overcame numerous hurdles in closing the deal, according to the Business Journal. The transaction was years in the making, as escrow initially opened in 2016.
The Fox Hills Plaza was once anchored by such stores as CVS Pharmacy and Marshalls and a stand-alone Chase bank branch, now all closed.
It sits just east of the 405 Freeway, next to two hotels run by Sheraton and Marriott, just south of the Westfield mall. It’s located not far from an influx of technology firms – from Apple to Amazon to HBO – in Culver City, Playa Vista and Venice.
It’s not clear how the newly formed Bristol Parkway Propco – a limited liability company registered by Shahery with the state on June 14 – wants to redevelop the property.
In 2017, developer HSH Management Group, also led by Henry Shahery, filed plans to build a mixed-use housing development at Fox Hills Plaza, with up to 762 apartments and 21,000 square feet of shops and restaurants, Urbanize Los Angeles reported.
But the plan fizzled after a neighborhood group known as the Fox Hills Alliance opposed the project, citing density and too few parking spots.
– Dana Bartholomew
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