IRVINE, Calif., Oct. 4, 2012 (GLOBE NEWSWIRE) -- Hanley Investment (HI) Urban Retail Advisors, a division of Hanley Investment Group Real Estate Advisors, specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States, announced today that Carlos J. Lopez, President of HI Urban Retail Advisors, was recently awarded the exclusive listing to market for sale a trophy retail/office building in one of Southern California's top tourist destinations, Hollywood's world-famous "Walk of Fame." The landmark 44,911 sq. ft. three-story mixed-use building is listed for sale for $38 million.
Built in 1921 and completely renovated in 2009, the building is located at 6904-6912 Hollywood Boulevard in Hollywood, Calif., and is fully leased to five tenants: international fashion tenant Zara; a high sales volume souvenir store, Hollywood Megastore; two Class A office tenants, Allied Integrated Advertising and Napoleon Perdis, the international cosmetic company and beauty school. The building also features an iconic billboard to capitalize on the traffic generated from the Walk of Fame foot traffic.
According to Lopez, "This is a world-class location comparable to New York's Times Square or the Las Vegas Strip and is centrally located along one of Southern California's top tourist attractions, drawing an estimated 24 million tourists per year. This investment offers an investor both a stable cash flow on an internationally celebrated street location and an extremely rare opportunity to acquire a one-of-a-kind asset."
The property is immediately situated across the street from the legendary Grauman's Chinese Theatre, the Dolby Theatre (formerly known as the Kodak Theatre), which is home to the Academy Awards for a new 20-year run and the new Cirque du Soleil Show, "IRIS," plus Disney's showcase El Capitan Theatre, Madame Tussauds, Jimmy Kimmel Live, and the Hollywood & Highland retail and entertainment complex, creating a tremendous draw to the area.
HI Urban Retail Advisors was recently awarded the exclusive listing to market for sale a high-profile 54,948-square-foot landmark retail development anchored by Ralphs Fresh Fare in the heart of Downtown Los Angeles in the highly desirable South Park neighborhood. The offering is the ground-floor retail portion of the development at the intersection of 9th and Flower streets known as Market Lofts, an award-winning, high-end, mixed-use condominium development completed in 2007. The retail property, which is 100% occupied, includes a subterranean parking garage and tenants Coffee Bean & Tea Leaf, Quiznos, Robeks, Simply Salad, Supercuts, and UPS Store.
"The property, which was listed and marketed as a best price offering, received a tremendous amount of interest because of the strength of the location and strong performance of the Ralphs," said Lopez. "The deadline to submit offers was the last week of September and we have received numerous offers to date. We are in the process of selecting a buyer with a goal to have the property sold by the end of the year."
In the Old Pasadena District, HI Urban Retail Advisors recently put into escrow two landmark retail buildings at 39 & 43 East Colorado Boulevard. The buildings, which total 7,200 square feet, are 100% leased. The most recent building to sell along Colorado Boulevard in Old Pasadena, which housed Tiffany & Co., H &M, Abercrombie & Fitch, just 2 blocks away, sold in 2006 for $37 million. Lopez negotiated the sale.
"We expect that the retail investment market, especially high-profile retail and mixed-use properties in commercial business districts, will remain strong as both domestic and foreign investors continue to demand and gravitate toward quality locations and tenants," said Lopez.
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment advisory firm with a three billion dollar transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group's expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company's website at www.hanleyinvestment.com or call (949) 585-7610.
About HI Urban Retail Advisors
HI Urban Retail Advisors is a retail investment division of Hanley Investment Group Real Estate Advisors specializing in the sale and advisory of high profile mixed-use and urban retail properties in dynamic commercial districts across the United States. Built on unsurpassed dedication and an impressive track record of performance and results, HI Urban Retail Advisors consistently exceeds client expectations through its unparalleled, comprehensive knowledge of urban retail from a national and global perspective.
Whether it is situated in a well-located, dynamic commercial district, or in conjunction with a mixed-use project, urban retail is a very specific product type within the overall retail marketplace. HI Urban Retail Advisors guides clients in attaining the highest returns through its exceptional experience and responsive team that thoroughly comprehends this unique and growing market segment. HI Urban Retail Advisors utilizes its innovative expertise to lead property owners through complex issues relating to land use and the progressive revitalization of high density urban areas to effectively help clients understand the significant characteristics of each urban retail asset and its optimum positioning and value.
HI Urban Retail Advisors works closely with investors to develop and maintain long-term relationships and has successfully accumulated a highly targeted database of mixed-use and urban retail property investors and owners from every major urban market in the country that is unmatched in the industry. HI Urban Retail Advisors' concentrated expertise and exclusive focus on mixed-use and urban retail properties translate into measurable results and is the reason that clients rely on HI Urban Retail Advisors to be the most dependable source for valuation services, market information and urban retail investment sales. For more information, visit the Company's website at www.hiurbanretail.com or call (949) 585-7610.
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