HOLLYWOOD, CA-Mixed-use real estate developer and investor Champion Real Estate Co.
has purchased a 1.14-acre commercial parking lot at 1717 Cherokee and 1718 Las Palmas here. The company plans to continue operating the commercial parking lot while developing plans for turning it into a mixed-use project. While the exact purchase price was not revealed, industry sources say the property sold for approximately $10 million.
“We purchased it using cash and a short escrow,” Champion’s president Robert Champion
tells GlobeSt.com. “We are value investors. We believe Hollywood is a great value, and we believe the property we bought is a great value.”