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8/09/17
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A two-story, 7k sf fully-leased retail and office property on the world famous Hollywood Walk of Fame in Hollywood has sold for $3.7 mil, or $529/sf. The deal had a closing cap rate of 5.25%.
Built in 1994, the property is located at 6501 Hollywood Blvd. It is situated directly between the intersections of Hollywood and Highland and Hollywood and Vine with direct access to the 101 Fwy and MTA Redline.
John Tronson and Steven Tronson with Avsion represented the seller, a Los Angeles-based private investor, as well as the buyer, a private investor from New York City.
“This asset offers an internationally famous location as well as a tremendous amount of future upside potential in rents as leases expire,” comments John Tronson. “The opportunity resulted in strong buyer interest in the property with numerous offers. The new owner plans on holding the asset for long-term cash flow and appreciation.”
The property is within the Hollywood micro market of Wilcox, which is booming with new development, including the Dream Hotel, Thompson Hotel, Tommy Hotel and other office, retail and residential projects that continue to draw investor and user interest.
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