September 5, 2019 – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $8.1-million sale of a 12,085-square-foot (sf) multi-tenant retail storefront property in Hollywood, CA.
Located at 7611 to 7623 Sunset Boulevard, the two-building asset is situated on slightly more than a one-half-acre parcel of land and was 63% occupied by five retail tenants at the close of escrow.
Avison Young Principals Chris Maling and David Maling, who are both based in the company’s downtown Los Angeles office, represented the seller, a New York-based family office. The buyer, a Los Angeles-based family-owned company, was represented by South Park Group and paid all-cash.
“This asset is in a prime Hollywood location and features 130 feet of frontage on the world-famous Sunset Boulevard,” comments Chris Maling. “The buyer was sourced through our database and was using proceeds from a 1031 exchange. The new owner will add value through executing a leasing strategy and renovation.”
David Maling adds: “Multi-tenant retail properties like this asset are in high demand on Sunset Boulevard as there are high barriers to entry here. Additionally, long-term appreciation is expected to continue as the Hollywood population and job market are anticipated to grow over the coming years.”
The two single-story retail storefront buildings are divided by a driveway leading to courtyard parking with additional parking at the rear of the property. The first building, 7611 Sunset, totals 3,725 sf and was built in 1934. The second building is located at 7615 to 7623 Sunset, totals 8,843 sf and includes an outdoor patio space. More than 280,000 people live within a three-mile radius of the asset.
Sunset Boulevard, a high-traffic commercial thoroughfare, is home to famed music and entertainment venues, movie studios, high-end retail locations, bars and restaurants.