Newmark has successfully completed the sale of a Class A office investment property located at 7083 Hollywood Blvd. in Los Angeles. The strategic location at the intersection of Hollywood and La Brea, combined with its value-add potential, made this property an attractive investment opportunity. The undisclosed buyer acquired the six-story building for $25.5 million in an all-cash transaction.
Leading Newmark representatives Kevin Shannon, Rob Hannan, Ken White, Laura Stumm and Michael Moll represented Vanbarton Group as they sold this 86,606 square foot building featuring 192 parking stalls. According to Shannon’s statement on the sale: “7083 Hollywood is yet another example of how owner-users are taking advantage of heavily discounted pricing for office properties.” He also noted that these types of buyers can move quickly without any debt hurdles and provide a higher certainty of execution.
Hannan added that with this sale removing 86,000 square feet from inventory in the highly sought-after Hollywood submarket will only make it tighter for future investors looking to enter into this market.
This recent transaction highlights Connect CRE’s expertise in facilitating successful deals within California’s commercial real estate market.
