LAUSD Buys Part of Swap Meet Site

A 34-acre parcel of land known as the San Fernando Swap Meet has been purchased by developer Robertson Properties Group and the Los Angeles Unified School District for $29.5 million.

Robertson Properties intends to relocate the Swap Meet in the local area and develop a traditional retail center on its portion of the site at 601 Glenoaks Blvd. in San Fernando.

LAUSD is still planning its school needs in the north San Fernando Valley and has not determined a specific use for its property, said Michael J. Dunn, executive vice president of real estate company Charles Dunn Co., which represented the sellers.

The Dunn family and Hannon Properties are the sellers. LAUSD Financing Corp. purchased 16.5 acres for about $14.3 million. Robertson Properties bought 17.44 acres for about $15.1 million.

Charles Dunn, founder of Charles Dunn Co. and grandfather of Michael Dunn, acquired the site with Fritz Burns in 1950, when the property was a 100-acre site and was the home of the San Fernando Airport.

The heirs of Fritz Burns sold off portions of the site through the years. William H. Hannon, who was a partner of Fritz Burns, bought a portion of the property and opened a swap meet on the 34-acre site in 1976.

After Hannon’s death in 1999, his ownership interest went into two charitable foundations in his name.

Los Angeles-based Robertson Properties Group negotiated a ground lease with LAUSD Financing Corp. to maintain the entire 34-acre parcel use for the swap meet during the next two years.