LOS ANGELES—ASB Real Estateacquired a prime Hollywood Boulevard property. The purchase was made on behalf of ASB’s Allegiance Fund, a $2.2 billion core, open-end real estate vehicle investing in markets with superior real estate fundamentals and in assets that have unique, competitive advantages to drive long-term tenant demand.
The acquisition comprises a three-story retail and office building, 6904 Hollywood Boulevard, along the Hollywood Walk of Fame. Just opposite Grauman’s Chinese Theatre and Madame Tussaud’s Wax Museum, the property features 45,000 sq. ft. of space, ground level retail with 100 f. of street frontage, offices on the second and third floors, and a prominent rooftop billboard leased to Walt Disney Co. The purchase was made in partnership with Blatteis & Schnur, a nationally-known real estate firm specializing in the management and leasing of upscale urban retail. The retail space is 100 percent leased to Zara, thefashion retailer, and Hollywood Megastore. The two office suites are leased to Allied Integrated Marketing and Napoleon Perdis Cosmetics.
The three‐story mixed‐use building was built in 1921 and completely renovated in 2009. The property was 100 percent occupied at the time of sale.
The property was acquired from The CIM Group. Carlos J. Lopez, President of HI Urban Retail Advisors, represented the buyer and seller.
In the past six months, ASB has made approximately $300 million of high-street retail investments in Manhattan, Washington, DC, Miami, Denver and Los Angeles. With the Hollywood Boulevard purchase, the Los Angeles portfolio comprises 71,000 sq. ft. of prime retail.
“The Allegiance Fund continues to deploy capital to meet our strategy for investing in the nation’s most dynamic urban markets where tenant demand propels revenue growth and property appreciation for our clients,” ASB President and CEO Robert Bellinger said in a statement. “These retail investments will benefit from their presence in some of the most attractive shopping locations anywhere in the United States.”