Commercial Real Estate Transactions for the Week of June 3, 2024

A roundup of notable commercial real estate transactions

In Hollywood, Vanbarton Group sold an office building located at 7083 Hollywood Blvd. for $25.5 million or $295-per-square-foot. The buyer was an undisclosed owner-user who acquired the building in an all-cash transaction. The seller was represented by Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll of Newmark.

“7083 Hollywood is yet another example of an owner-user taking advantage of heavily discounted pricing for office product,” said Kevin Shannon in a statement.

The six-story, 86,606-square-foot building located at the intersection of Hollywood Blvd. and La Brea Ave. in Hollywood was 52% leased at the time of sale. The sale closed just two weeks after Vanbarton’s $22-million loan for the property fell 60 days delinquent, according to a recent Morningstar report. The New York firm paid $42 million to acquire the six-story building from CIM Group in 2017. Prior tenants include WeWork, which shuttered its location in 2021. The building was the site of the first WeWork location in Los Angeles when it opened in 2011.

North Hollywood

The 156-unit apartment building at 5077 Lankershim Blvd. was acquired by Prime Residential for $62.1 million. The price represents a 14% decline from the property’s prior acquisition by AvalonBay in 2016. Known as AVA North Hollywood, it has a mix of units that average 839 square feet.

Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, AvalonBay Communities.

“After substantial development in the submarket pre-COVID that was met with positive absorption but muted rent growth, the area is starting to hit its stride,” said Green in a statement.

The property includes 11,000 square feet of fully leased ground-level retail space and is within walking distance of the NoHo Metro stop.