DWP Opens 1st Round of Surplus Real Estate Sales
The Los Angeles Department of Water and Power on Wednesday launched the first round of surplus real estate sales, with asking prices ranging from about $32,000 to $3.5 million.
The 17 properties that have been put on the sales block are a small portion of the agency’s sizable land holdings, which total 5 million square feet of property on about 365,000 acres in California, Nevada and Oregon.
The DWP has said it seeks to raise at least $6 million a year over the next four years from property sales. Proceeds may be used to pay down debt and for other purposes as the agency consolidates operations.
“This is the first batch of sites to go,” said Eric Tharp, a legislative and public affairs executive at the DWP.
Many of the properties, which are being marketed by real estate firm CB Richard Ellis, are zoned for residential use and are in Los Angeles, North Hollywood, Burbank, Granada Hills, Eagle Rock, Wilmington, Victorville, Gardena, Sunland, Seal Beach, Van Nuys and Sylmar. The cheapest property--a vacant, 20,000-square-foot lot in the High Desert community of Victorville, is listed at $32,670.
On the expensive end, the DWP is seeking $3.5 million for nearly 10 acres of coastal property in Seal Beach. The site of a former power-generating station has drawn interest from hotel developers, according to the DWP.
