Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm, completed the $8 million sale of 7220 Maie Ave, Los Angeles, CA. The property, which housed Florence Car Wash, was sold as a redevelopment opportunity zoned for mixed-use.
The investment was sold by a private investor looking to take advantage of the property’s zoning and sell it to an experienced developer. Matthews agents secured a significantly above-market sale price for the .77-acre property at $240 per square foot of land, approximately $10.4 million per acre. Utilizing the company’s marketing platform, agents sourced the buyer, experienced multifamily developer Meta Housing.
“Meta plans to redevelop the car wash and land into a six-story building featuring 160 multifamily units, ground-floor retail, and office space,” Matthews senior associate Ethan Miller said.
“Amenities are going to be top-notch, with plans to provide community gathering spaces and rooftop views.”
The former Florence Hand Car Wash is a generational piece of real estate in Los Angeles, and developers plan to incorporate the historical part of the car wash structure into the mixed-use development.