IRVINE, CALIF. – Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the western United States and a market leader in the sale of retail properties, announced today the sale of a high profile development opportunity in Los Angeles, Calif., vacant land that was used as a parking lot for the former Jerry’s Deli. The buyer, a private investor from Inglewood, Calif., was represented by Carlos J. Lopez of Hanley Investment Group’s HI Urban Retail Advisors. The seller, a private investor based in Studio City, Calif., was represented by Hanley Investment Group’s Jonathan Selznick. The purchase price was $2,300,000.
Located at 321-327 N. Sherbourne Drive, in Los Angeles, the 10,942-square-foot development opportunity is situated on 0.25 acres. The property’s prestigious location is directly across the street from Cedars-Sinai Medical Centeron Beverly Boulevard, between Robertson and San Vicente. The property is also adjacent to the Beverly Center, one of Southern California’s premier fashion destinations with over 900,000 square feet of retail space.
“We had significant interest before even taking the property to market due to the nearly irreplaceable location in the heart of West Hollywood on Beverly Boulevard across the street from Cedars-Sinai Hospital,” said Jonathan T. Selznick, vice president of Hanley Investment Group. “Ultimately the buyer opened escrow non-contingent and closed in 7 days at a price that was 15% above our asking price ($210 per-square-foot on the land),” added Selznick.
Hanley Investment Group and its Urban Retail division has closed nearly $106 million in retail transactions in Los Angeles County within the last 8 months including the sale of 55,000-square-foot landmark retail development anchored by Ralphs Fresh Fare known as Market Lofts at 645 West 9th Street in downtown Los Angeles, the iconic 3-story mixed-use building at 6904-6912 Hollywood Boulevard along Hollywood’s renowned “Walk of Fame,” and most recently, the sale of the fee interest in the land underneath the world-famous TCL Chinese Theatre (formerly known as Grauman’s Chinese Theatre).