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May 28, 2020
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Hollywood Storefront Property Trades for $669/sf


A 12.1k sf, multi-tenant retail storefront property in Hollywood has sold for $8.1 mil, or $669/sf. Located at 7611 to 7623 Sunset Blvd, the two-building asset is situated on slightly more than a one-half-acre parcel of land and was 63% occupied by five retail tenants at the close of escrow.

The two single-story retail storefront buildings are divided by a driveway leading to courtyard parking with additional parking at the rear of the property. The first building, 7611 Sunset, totals 3.7k sf and was built in 1934. The second building is located at 7615 to 7623 Sunset, totals 8.8k sf and includes an outdoor patio space. More than 280,000 people live within a three-mile radius of the asset.

Avison Young Principals Chris Maling and David Maling represented the seller, a New York-based family office. The buyer, a Los Angeles-based family-owned company, was repped by South Park Group and paid all-cash using proceeds from a 1031 exchange.

“This asset is in a prime Hollywood location and features 130 feet of frontage on the world-famous Sunset Boulevard,” comments Chris Maling. “The new owner will add value through executing a leasing strategy and renovation.”

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