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11/08/16
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Los Angeles-based Robertson Properties Group (RPG) closed on a notable acquisition in the area, paying $50 mil for the Arclight Hollywood Parking Structure, the city’s largest public/private parking structure. Located at the world-famous intersection of Vine St and Sunset Blvd in Hollywood, the seven-level Class A parking facility sits on just over four acres of prime real estate and contains 1,721 parking spaces.
The asset had been offered for public sale in conjunction with the liquidation of 50 assets held by CRA/LA, a Designated Local Authority (CRA/LA) and successor to The Redevelopment Agency of the City of Los Angeles (Former Agency). The public parking structure is one of the most high profile and highest valued assets from the large collection of properties.
Built in 2001, the public parking structure serves the Arclight Cinerama Dome and adjacent retailers generating significant additional revenue from over 25 million visitors attracted to the area annually. The property is situated within blocks of many of Hollywood’s largest, most prominent employers, including Paramount Studios, Sunset Gower/Bronson Studios, Los Angeles Film School, Capitol Records, Emerson College, KTLA Studios as well as The Jim Henson Company, CNN, Technicolor and Nickelodeon Studios. In addition, Viacom and NeueHouse are in the process of delivering 1,500 new jobs to the area.
The CRA/LA portfolio had contained a total of 52 commercial and residential properties located in prime, urban infill Los Angeles districts including Hollywood, the NoHo Arts District and Downtown Los Angeles. The initial launch of the disposition of assets began July 15, 2015. The sale of CRA/LA properties represents the conclusion of a legislative mandate to terminate redevelopment agencies across the state of California. Other primary assets involved in the public disposition include the leased fee land parcels of iconic One and Two California Plaza in Downtown Los Angeles.
Marc Renard, Manfred Schaub and Jimmy Chai of Cushman & Wakefield’s Downtown Los Angeles office serve as the exclusive seller agent for the entire portfolio and represented the seller in the disposition.
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