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6/14/16
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A 16.8k sf land parcel in Hollywood was acquired by a Chinese-based firm with plans for a hotel development. The buyer, Hollywood Culture and Investment Corp Inc, paid $9.5 mil for the land, which works out to $565 per square foot, a record high for a land sale in the Hollywood market, according to CoStar records.
The parcel, which currently houses a vacant 8.5k sf retail building, is located at 6140 Hollywood Blvd, near El Centro Ave, and is two blocks east of the world-famous intersection of Hollywood and Vine. The site is adjacent to Fonda Theater, a live music venue, and near Eastown Phase II, which will ultimately include 500 apartments and 80k sf of retail; and is one block from the W Hotel and Hollywood and Vine Metro station on the Walk of Fame.
Thor Lee, John Tronson and Steve Tronson with Avison Young represented the seller, a private local investment group. Details for the buyer’s hotel project have yet to be announced; however, development is expected to commence in early 2017.
“Over the next five years, we will see an estimated 1,700 new hotel rooms become available in Hollywood,” said Lee. “That increase is needed as occupancy for Hollywood hotels exceeds national averages and as domestic and international tourism is only anticipated to grow over the coming years.”
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