A vacant lot near the Glendale Galleria shopping center in downtown Glendale has sold to an apartment developer for nearly $16 million.
The 1.38-acre site at 111 N. Brand Blvd. is approved for residential and retail development. Buyer Holland Partners of Vancouver, Wash., plans to build 235 apartments on top of shops and restaurants.
The property’s urban location close to the Galleria and the Americana at Brand shopping centers helped attract an array of institutional and private bidders, real estate broker Paul Darrow of Marcus & Millichap's Institutional Property Advisors said.
Darrow represented the seller, identified as Redwood City, Calif.-based Amidi Group by real estate data provider CoStar Group.
Holland Partners’ project could cost a much as $70 million but is less ambitious than a previous proposal for the site, Marcus & Millichap said. Glendale once approved a hotel and condominium project consisting of two high-rise towers over a shared podium on the property.