The five largest transactions so far in 2010 for non-residential properties in Los Angeles County happened via government auction.
The property at 9900 Wilshire Avenue in Beverly Hills sold at auction for $150,000,000, property records show. The owners, CPC Group, were in default on a $365.5 million loan, the LA Times reports. They had apparently planned to develop the 457,073 square feet parking lot into condominiums and a hotel, the same source reports.
The second most expensive commercial property to be sold in 2010 to date is a warehouse at 6101 Variel Avenue. The property was scheduled for auction on February 23rd and sold for $23,135,017, property records show. This warehouse is currently listed for lease/sale by Delphi Business Properties Inc.
The third most expensive commercial property to be sold in Los Angeles County in 2010 is 507 Wilshire Boulevard in Santa Monica. This landmarked mixed-use property sold at auction for $19,450,000. The distressed owner seems to have defaulted on a $21,785,000 construction loan taken in 2006, property records show.
The fifth largest transaction was for the newly built Palihouse Vine hotel located at 1717 Vine Street. According to LA Curbed, Palihouse Vine automatically fell into the possession of CIM Group, which had bought the construction loan in 2009, after no one bid on the property at auction.