A residential development in Glendale that just last week received approval to be built as condominiums has been put on the market.
The 50-unit Colorado Gardens complex, located across from the Americana at Brand, has been put up for sale for $4.5 million by its owners, two top executives at Pacific BMW in Glendale.
Colorado Gardens is notable for having won approval from the city’s Planning Commission earlier this month to build condominiums on the 21,900-square-foot site. Glendale has seen a building boom of late, but mostly apartments, with roughly 2,000 units under construction currently.
Paul Darrow, director with Institutional Property Advisors, which is brokering the sale for Marcus Millichap, said that it’s not unusual to see projects purchased and entitled under one owner, then sold to another firm for construction and operation.
“I just think the seller, his primary focus is outside of real estate, and he’s not looking to build it,” he said. “I think it’s more of a business decision, rather than harvesting profit.”
The property, located at 124 Colorado Blvd., is owned by David Ho and Nick Lam, president and vice president, respectively, of Pacific BMW.
Darrow and Institutional Property Advisors brokered the sale of the Brand and Wilson mixed-use development to Holland Partners Group after the site was originally approved for high-rise towers under then owner Amidi Real Estate Group in 2007.
Darrow said that with the city approvals Ho and Lam are hoping to attract buyers interested in a project that could move into construction quickly.
“It would appear someone would be able to close escrow and pull permits not too far down the line,” he said. “A lot of developers are eager to get a shovel-ready project.”