The Redevelopment Agency of the City of Long Beach sold the West Gateway Project, at 419 W. Broadway in Long Beach, CA. Lyon West Gateway LLC purchased the land for $5.7 million, or $1.06 million per acre.

 

The properties on the 5.39-acre lot were demolished last year. The buyer worked with the Redevelopment Agency to set up the mixed-use project. The development will have 15,580 square feet of retail on the ground floor, two stories of office space and 291 luxury apartments. The property is scheduled for completion in the summer of 2009.

The seller represented itself. The buyer's broker was not disclosed.

Please refer to CoStar COMPS #1493990 for more information on this transaction.