SVN Closes Sale of Hollyway Center in West Hollywood
- Oct 06, 2016
By Ioana Moldovan
Los Angeles—L.A.-based SVN-Rich Investment Real Estate Partners arranged the sale of Hollyway Center, a retail asset located at 8351 Santa Monica Blvd. in West Hollywood. The deal was closed on behalf of the Levitt Family Trust to an undisclosed buyer for $11 million, which represented a 3.4 percent cap rate and a price of more than $1,250 per square foot.
Hollyway Center was built in 1966 and totals 8,790 square feet. Two of the three tenants, Hollyway Cleaners and Earthbar, have been in the property for 26 years and have leases that run through 2030. Rob Zaharia, vice president of investment sales at SVN, and Tim Steuernol, executive vice president at NAI Capital, represented the seller, while David Chasin, executive vice president of Pegasus Investments, worked for the buyer.
“This offering presented one of the rarest opportunities in Los Angeles to acquire a true trophy asset in one of the most sought after locations in Los Angeles”, Zaharia said in prepared remarks. “Because of the unique quality of the property, it was aggressively priced and we entertained multiple competitive offers. Ultimately, the sellers went with an all-cash offer and a quick close.”
The strip center has never been on the market before the current deal.
Image courtesy of SVN