Hollywood Mixed-Use Asset Changes Hands
- Aug 07, 2017
A Los Angeles-based private investor sold a two-story, 7,000-square-foot retail and office property in Hollywood, Calif., to a private investor from New York City. The property changed hands for $3.7 million.
Fully leased property
The property is located at 6501 Hollywood Blvd., at the intersections of Hollywood Boulevard and Wilcox Avenue. Sitting on the Hollywood Walk of Fame, the asset offers easy access to multiple public transportation, dining and shopping options. At the time of sale, the building was fully leased to Rise N Grind and The Playhouse Group.
“This asset offers an internationally famous location, as well as a tremendous amount of future upside potential in rents as leases expire,” John Tronson, principal at Avison Young, said in a prepared statement. “The opportunity resulted in strong buyer interest in the property. The new owner plans on holding the asset for long-term cash flow and appreciation.”
John Tronson and Steven Tronson of Avison Young negotiated the deal on behalf of the seller, as well as the buyer. Earlier this year, Avison Young was also involved in the sale of Forest Glen, a 62,379-square-foot medical office building in Silver Spring, Md.
Image courtesy of Avison Young