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9/16/24
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Optimus Properties LLC has acquired a 19.9k sf retail strip center in Hollywood for $9.5 mil ($477/sf). The property, which sits on a 42.1k sf lot at 5214-5232 W. Sunset Blvd, traded via a court ordered sale.
The property is part of a center that is shadow-anchored by a box retail space formerly occupied by 99 Cents Only’s number one location in the country by number of visits. The property that sold is currently occupied by a mix of service-oriented tenants, restaurants, and soft good retailers with rents significantly below market.
Optimus plans to update the property with cosmetic upgrades, which include new paint, storefront, tenant signage program, and façade work to improve the curb appeal and attract quality tenants.
“This is the third retail property we purchased on Sunset Blvd. in less than two years. We saw this as a great opportunity to add to our rapidly growing retail portfolio with a center in a prime area with a great tenant mix that serves the surrounding neighborhood well” said K. Joseph Shabani, Principal at Optimus Properties, LLC.
Netflix and Sunset Studios are located close to the site, which offers key economic drivers of the area. The property is near to Los Feliz, Hollywood Hills, and Silverlake, and is just 0.5 miles away from the 101 Fwy. Being located on Sunset Blvd, the property is on a major traffic corridor for commuters throughout Los Angeles, generating strong visitor trip counts to the property.
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