Giordano of MK sells 134,282 s/f development site for $5.3m

A development site with more than 134,000 s/f at Lots 1 and 45 on Wild Ave. in the Travis section was sold by Massey Knakal Realty Services (MK) in a transaction valued at $5.3 million. The property is located in an M1-1 zone, directly adjacent to the future Holiday Inn Express being developed by the McSam Hotel Group. Also nearby is the newly renovated 51,000 square foot LA Fitness Gym and Athletic Center, which MK also sold during the first quarter of 2007. The lot contains 134,282 s/f. The property sold for $39.47 per s/f to a hotelier. "The property is actually adjacent to three new hotels, and was purchased by the same developer," said MK broker Matthew Giordano, who exclusively represented the seller. MK was the sole broker in this transaction.