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5/12/21
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Arc Capital Partners in partnership with Belay Investment Group acquired two retail buildings totaling 18.8k sf that are fully leased to three high-credit retailers in West Hollywood. The assets were sold by ASB Real Estate Investments (ASB) on behalf of its Allegiance Real Estate Fund, a $7.4 bil core vehicle.
The sale included an 8.8k sf building at 308-314 North Robertson Blvd and a 10k sf building at 8783-8788 Beverly Blvd, which are positioned in the heart of West Hollywood’s primary retail corridor. This high-traffic location exposes the portfolio to approximately 137,000 vehicles per day. Additionally, the buildings are proximate to the Pacific Design Center and near the affluent Hollywood Hills and Beverly Hills neighborhoods, where home prices exceed $2.6 mil.
ASB, which acquired the assets in 2013, renovated and released North Robertson building to Knoll Home Design and Flexform Furniture. Leica Camera Inc occupies the Beverly property and uses it as their flagship retail store and photography gallery. The assets also come with 38 dedicated surface parking lots, a rare amenity in this densely populated area of West Hollywood.
Bryan Ley, Tony Ensbury and Tim Kuruzar with JLL Capital Markets represented the seller in the transaction. Jeff Sause and Spencer Richley, also with JLL, arranged the acquisition financing for the buyer. The dollars were not disclosed.
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