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11/15/16
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A private investor paid nearly $8 mil for a ½-acre potential redevelopment site in the heart of Hollywood. The property, located at 7001 Santa Monica Blvd, is currently occupied by a 5.4k sf Shakey’s Pizza Parlor.
The site is surrounded by several high-density mixed-use developments, including numerous national retail tenants that are within walking distance. Shakey’s has operated at this location for more than 40 years.
Alex Kozakov, Patrick Wade and Fred Aframian with CBRE represented the buyer and the sellers, a private family trust.
“Hollywood has benefitted from a major revitalization over the past five years,” said Kozakov. “The property benefits from an urban infill location that is among the most densely populated trade areas in all of Southern California. This site has tremendous redevelopment potential down the road.”
The renaissance of Hollywood over the last several years has contributed positively to the strong residential demand and an expanding office market, increasing tourism, and the unmatched level of redevelopment across all sectors. Over the past 10 years, 67.1 percent of the office construction in Los Angeles County has occurred in Hollywood and Playa Vista, according to the latest CBRE research. Between 2006 and 2016, 758.6k sf of new offices were completed in Hollywood, 21.7 percent of the LA County total. The new spaces are catering particularly to the multitude of entertainment industry-related tenants, such as major movie studios and post-production companies.
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