Optimus Properties, LLC has acquired a retail strip center located at 5214-5232 W. Sunset Blvd in Hollywood. The property spans 19,904 square feet and sits on a large lot of 42,076 square feet. This purchase was made through a court-ordered sale.
The center is anchored by a box retail space that was previously the top location for 99 Cents Only stores in terms of number of visits nationwide.
Currently, the property is occupied by various service-oriented tenants as well as restaurants and soft-goods retailers. However, their rents are significantly below market value. Optimus plans to make cosmetic upgrades to the property such as new paint and storefronts, implementing a tenant signage program and improving the façade to enhance its curb appeal and attract high-quality tenants.
According to K.Joseph Shabani , principal at Optimus Properties: “This marks our third acquisition on Sunset Boulevard within two years.” He also added that this opportunity allows them to expand their growing portfolio with another prime retail center featuring an excellent mix of tenants serving the surrounding community effectively.
