LOS ANGELES—Shio LLC has purchased the 5,600-sq.-ft. retail building at 7630 Sunset Blvd. for $5.35 million. The property, previously owned by Romano Trust, is fully occupied by FedEx Office Print and Ship Center.
“FedEx has two years remaining on its lease term, however, we positioned the strength of the tenant as well as the location and potential future redevelopment to prospective buyers,” said Jeff Conover, senior managing director of Faris Lee. “We garnered a total of ten strong offers and sold the asset at a high cost per square foot of $995.”
Conover represented the buyer while Vadim Baum of Keller Williams represented the seller.
Built in 1988, the building’s zoning would allow redevelopment to include additional retail space as well as two levels of residential. FedEx has occupied the building since 1994 through an absolute NNNstructure.