Trendy Hollywood Retail Spot Sells For $61M
Space 15 Twenty, a two-building, 40K SF retail property in the trendy Cahuenga Corridor in Hollywood, sold in a $61M deal.
Santa Monica-based real estate investment company Artisan Realty Advisors has purchased the 71K SF property at 1520, 1534, 1538 and 1542 North Cahuenga Blvd. and 1535 Ivar Ave. from Cahuenga Lofts LLC and Ivar Group LLC.
Lee & Associates’ Cory Stehr represented the sellers. Industry Partners’ Trevor Belden and Bryan Carnes represented Artisan Realty.
“My clients have owned the property since 2006, and it is such a unique property with high visibility and strong branding that it generated quite a few off-market offers over the years,” Stehr said in a news release. “Once my clients decided it was time to redeploy capital and diversify their investment portfolio, they got interest from a handful of highly qualified, local and national companies.”
Built in the mid-1920s and renovated in 2006, the property has six retailers, including anchor Urban Outfitters, Umami Burger, apparel boutique Free People and skate shop Pharmacy Boardshop.
The Hollywood submarket is undergoing a renaissance with several high-profile projects lined up.
The retail property is between Sunset and Hollywood boulevards and will benefit from the office, mixed-use and residential development underway, according to Lee & Associates.
“The Hollywood trade area and demographics lay the groundwork for many different opportunities, and Artisan will be exploring a number of options for this property,” Stehr said.
