SOLD: Hollywood Strip Center on One Acre of Land SOLD: 5214-5232 W. Sunset Blvd, Los Angeles, CA 90027
Sale Price: $9,600,000
Building Size: 19,404 Sq.Ft.
Lot Size: 42,076 Sq.Ft.
Zoning: LAC2 TOC Tier 3 SNAP Subarea B
APN: 5544-034-037
Maher Commercial Realty is thrilled to announce the sale of a 19,404 square foot value-add retail building on a nearly one-acre parcel of C2-1D zoned land, located in a TOC Tier 3 community. Representing both the buyer and seller, Maher Commercial Realty orchestrated a highly strategic “call for offers” campaign, resulting in over ten competitive offers. This was not just any transaction—it was a complex and nuanced deal that underscored our team’s ability to navigate multiple challenges and deliver exceptional results.
Key Highlights:
• Strategic Call for Offers: Our tailored approach generated significant interest, resulting in over ten offers from qualified buyers, demonstrating the building’s undeniable potential.
• Tenant Challenges: Despite the property being approximately 50% vacant, with tenants on month-to-month leases and several leases expiring during escrow, we worked diligently to address tenant concerns and ensure the deal remained on track.
• Environmental and Legal Complexities: The property faced environmental issues that required expert coordination with environmental consultants, ensuring the deal progressed smoothly.
• Neighboring Bankruptcy Issue: During escrow, the neighboring 99 Cent Only outparcel entered bankruptcy. We successfully navigated the legal and financial implications, preventing any disruption to the sale and maintaining confidence for all parties involved.
• Economic Shifts: Throughout the escrow process, we adapted to changing economic factors, safeguarding the interests of all parties to ensure a successful close.
Located in the vibrant Thai Town neighborhood of Hollywood and within the favorable Subarea B of the Vermont/Western Station Neighborhood Area Plan, this retail center offered a prime investment opportunity. At the time of sale, the property had immense value-add potential, with room to reposition the asset in a high-demand market.
Maher Commercial Realty continues to lead with strategy, market insight, and an unwavering commitment to delivering value, even in the most complex transactions.
