Lee & Associates-LA North/Ventura Transacts $61-Million Retail Investment Sale in Hollywood, CA

Space 15 Twenty trades to Artisan Realty Advisors

HOLLYWOOD, CA – May 31, 2018 – Lee & Associates-LA North/Ventura transacted the sale of an iconic, 40,000-square-foot retail property in the trendy Cahuenga Corridor of Hollywood, Calif. for $61 million, according to Lee Principal Cory Stehr, who represented the sellers, Cahuenga Lofts LLC and Ivar Group LLC, in the transaction.

The property, called Space 15 Twenty, is located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd. and 1535 Ivar Ave. It consists of two buildings with an open space area and a surface parking lot on a 71,000-square-foot parcel of land.

“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,” said Stehr. “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.”

The property is currently leased to six retailers including anchor Urban Outfitters, Umami Burger, Free People apparel boutique and skate shop Pharmacy Boardshop. Constructed of brick, glass and stucco, it was built in the mid-1920s and renovated in 2006-2007.

Hollywood has become an epicenter for redevelopment in Los Angeles with over $4.8 billion in ground-up and redevelopment projects underway or in planning. Space 15 Twenty, which will benefit from the office, mixed-use and residential development underway, also sits less than a mile from the Red Line’s Hollywood and Vine station and the Hollywood and Highland station.

The buyer, Artisan Realty Advisors, is a Santa Monica, CA-based, privately-held real estate investment company specializing in core plus, value add and opportunistic office and mixed-use investments. It is currently renovating the 478,000-square-foot Lantana Media Campus in Santa Monica, among several current projects.

“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.