Group Sells 620 San Francisco Ave. for $2.71 Million
The Redevelopment Agency of the City of Long Beach acquired 620 San Francisco Ave. in Long Beach, CA, from Bhatti Family Trust for $2.71 million, or about $193.50 per square foot.
The property will be used for a greenbelt project that will run along the Los Angeles River. The project, known as the Drake/Chavez Greenbelt, will create a new 50-acre park along the lower Los Angeles River in the city of Long Beach. This greenbelt will connect two parks, Cesar E. Chavez and Drake. The building will be renovated to accommodate a teen center. Also, indoor and outdoor teen activities are scheduled for the site, as well as a parking lot of 33 spaces, a skate park and a trailhead to the river.
No brokers were involved. Both sides were self-represented.
Please refer to CoStar COMPS #1576803 for further information.