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Historic Hollywood and Vine urban retail property for sale in Los Angeles

Tuesday, May 31, 2016

Update: This property is no longer on the market since it sold. Click here for details about the HFF-brokered sale.

HFF, on behalf of the owner, is marketing for sale a historic urban retail property that is fully occupied and located at 6300 Hollywood Boulevard at the iconic intersection of Hollywood Boulevard and Vine in Los Angeles, California. 

Completed in 1928, the retail property for sale was renovated in 2008 and totals 10,823 square feet. Anchored by Katsuya, one of the premier Japanese restaurants in the world, the property experiences the strong daily traffic – approximately 115,412 vehicles per day – at Hollywood Boulevard and Vine Street. Tenants occupying the retail building recognize exceptional sales volumes and consistent consumer demand. The commercial property for sale in Los Angeles boasts a Walk Score® of 93 and is across the street from the Hollywood and Vine Metro Station, serving nearly 4.5 million passengers per month.  Additionally, the famed Hollywood Walk of Fame passes by the property.

Retail Property Investment Benefits

  • Stable Cash Flows and Healthy NOI Growth: Home to Katsuya, Body Energy Club and The Pie Hole Los Angeles, the retail property is 100 percent occupied, demonstrating a strong demand for retail space in the Hollywood Boulevard corridor. In addition to stable cash flow, the investment opportunity shows healthy growth in the net operating income (NOI) through annual rent increases, percentage rent and below market rental rates. Additionally, current tenants have invested a significant amount of their own capital into their space, demonstrating a strong commitment to the location.
  • Urban Infill Location with Planned Development: The property is situated in an urban infill location and benefits from the area’s dense demographics and upscale residential population. With $7.4 billion of recently-completed, ongoing and planned developments, the area is experiencing incredible residential, commercial and infrastructure growth. The office market is strong with companies like Nickelodeon, Nielsen, BuzzFeed, OpenTable and CNN all having an office within one mile of Hollywood and Vine. Netflix plans to move its Southern California operations to Hollywood less than a mile from the asset. There are 126,000 multi-family units, 93 hotels and 18.6 million square feet of office space within a three-mile radius of the property.
  • Below Market Rental Rates: Both Katsuya and Body Energy Club are paying significantly below the estimated market rental rate for similar rental property in the area. Katsuya is paying 42 percent below current market rates, and Body Energy Club is at 29 percent below the current market rates.
  • Free and Clear of Existing Financing: The property is being delivered unencumbered by debt, providing an investor the opportunity to take advantage of historically-low interest rates and enhanced leverage returns.

The retail property at Hollywood and Vine presents an investor with a retail investment opportunity to acquire a fully-leased asset at the famed Hollywood and Vine intersection in Los Angeles, California. For more information on this or other commercial real estate listings in the Orange County and Los Angeles areas, contact HFF's CJ Osbrink, Gleb Lvovich or Bryan Ley in HFF’s Orange County and Los Angeles offices. For financing guidance, contact Zack Holderman in HFF’s San Diego office.

 

Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker Licensed with the California Department of Real Estate, License Number 01385740.





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