CBRE announced the sale a prime development site on Sunset Boulevard in Los Angeles to SHP Capital LLC, a private investment company, for $8 million.
CBRE’s Laurie Lustig-Bower, Timothy Bower and Kamran Paydar and PWR Property Group Inc.’s Nick Aprahamian represented the seller, Sunset Management LLC, a local investor.
The property, located at 7979 W. Sunset Boulevard on the northeast corner of Laurel Ave., is a high-visibility 0.27-acre mixed-use development site with 180 feet of frontage along the Sunset Strip. The property, which featured a now-closed gas and service station, allows for the potential to develop ground-floor retail with multifamily units above.
“This property sits along one of the world’s most famous streets and is located in the heart of Los Angeles’ most exciting urban destinations,” said Lustig-Bower. “This is a great opportunity to add quality housing and retail in one of the most vibrant parts of town.”
The site, situated in a densely populated area with strong daytime population, boasts a Walk Score of 92 and is in proximity to an abundance of shopping and daily needs amenities. Adjacent restaurants and retailers include Trader Joe’s, Laugh Factory, AMC Theater, CB2, Hyde Kitchen & Cocktails and The Counter.
“This boom of hotel, multifamily and retail construction is a huge step in strengthening the amenities and overall standing and attractiveness of this storied area of LA,” said Timothy Bower. “The Sunset Strip is experiencing the most construction activity in the area since 1984. We are proud of the results we achieved for our client, and excited about the buyer’s future plans for this exceptional asset.”
Added developer Michael Soleimani, a representative for SHP Capital, “We take pride in this iconic acquisition and the opportunity to bring our brand to the world renowned Sunset Strip.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.