Los Angeles – March 14, 2022 – CBRE announced the sale of The Gershwin Lofts Retail @ Hollywood, a 42,916-square-foot urban retail center in Los Angeles, to Hollywood Holdings, an LA-based private family office, for $30.4 million.
CBRE’s Patrick Wade and Alex Kozakov represented the seller in the transaction.
Located at 5501-5521 Hollywood Blvd and 1719-1723 N Western Ave, the two-building property sits in the East Hollywood submarket of Los Angeles. One building was completely remodeled in 2015, and the other one was built that year. The property is fully occupied by Marshalls, Petco, and Farmer Boys.
Situated at one of the busiest intersections in East Hollywood, Gershwin Lofts Retail is adjacent to the Hollywood/ Western Metro Station, Gershwin Lofts Apartments and minutes from the 101 Freeway.
“The Gershwin Lofts Retail is a generational corner piece of real estate in East Hollywood,” said Wade. “It is rare to acquire a stabilized, urban center that offers strong in-place cash flow with long-term redevelopment potential.”
Added Kozakov, “We received more than a dozen qualified offers for this deal. Retail properties that are located within growing residential and mixed-use neighborhoods, such as this one, continue to be very sought after by many different investors, including developers, private family offices, and 1031-exchage buyers.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.