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R.D. Olson Development Picks Up Desirable Hollywood Dev Site

11/21/14

R.D. Olson Development has purchased a 23.7k sf development site in the heart of Hollywood for $13.75 mil. The property sold for about $581/sf, a deal we’re told marks the highest per-foot price ever paid in Hollywood for a site slated for development. At this time, R.D. Olson is planning to develop a hotel project on the site.

The property is located at 6409 W. Sunset Blvd and is currently occupied by a 3.9k sf Jack in the Box restaurant, which has been there since 1987. Jack in the Box recently extended its lease for a final five-year term, which will not be disrupted. Because of the length of time it takes to move through the long development-planning and approval process in Hollywood, the lease is slated to run its course, and this timeline and the passive income it will provide only further fueled developers’ interest.

The property is situated on double-signalized intersections with 442 feet of frontage on three major streets (Sunset Blvd, Cahuenga Blvd and Ivar Ave) and is surrounded by prominent attractions and businesses on all sides, including the CNN Tower, Sunset Media Center, Amoeba Music and Arclight Cinema’s Cinerama Dome.

Avison Young Principal John Tronson, along with Vice-President Steven Tronson, both based in the company’s North Los Angeles office, represented the seller, Baird-Hogan Family Trust, which had owned the property for more than 40 years. John Tronson and Avison Young Vice-President Thor Lee, who is also based in the company’s Los Angeles North office, represented R.D. Olson Development.

According to Tronson, they “had a flood of inquiries on the property, and we garnered six aggressive offers. The property ended up going under contract in just three weeks and sold for $750k over the original asking price to developer, R. D. Olson. This is the company’s first acquisition within the Hollywood market.”







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