West Los Angeles-based Champion Real Estate Co. has secured a $28.5 million loan to purchase a nearly three-acre property to build a townhome project.
The 75-year-old John Tracy Clinic, sold the property at 806 West Adams Blvd. to Champion Real Estate. The clinic, which provides services to parents and families of children with hearing loss, was founded by actor Spencer Tracy’s wife, Louise, in honor of their son, John.
The purchase price for the land was $26 million, or $422.88 per square foot, according to CoStar data.