West Hollywood Retail Asset Commands $23M

A Los Angeles-based real estate development firm acquired the 3-building property.
8500 Santa Monica Blvd. Image courtesy of CBRE
8500 Santa Monica Blvd. Image courtesy of CBRE

Working on behalf of both the seller and the buyer, CBRE has arranged the disposition of a 30,100-square-foot retail property in West Hollywood, Calif. A Los Angeles-based real estate development firm paid $22.5 million for the asset to a private family that had owned the property for many decades.

The asset is located at the corner of Santa Monica and La Cienega boulevards, one of Los Angeles’ busiest intersections. The property consists of three commercial structures on several parcels within the City of Los Angeles and West Hollywood.

The zoning laws within the location allow for a range of different investments in multifamily and commercial endeavors. The property is situated near major retail and commercial business, as well as La Cienega’s Restaurant Row, the Sunset Strip and Melrose Avenue. The asset is also situated in a densely utilized public transit area.

The CBRE team that represented the seller included Matthew Greenberg, Alex Kozakov and Pat Wade, while Chris Tresp negotiated the deal on behalf of the buyer. The new deal comes less than two weeks after a different CBRE team brokered a 50,000- square-foot lease at an industrial property in Valencia, Calif.