HFF closes $210 million sale of The Sunset in West Hollywood
LOS ANGELES, CA – January 10, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $210 million sale of The Sunset, an iconic, 179,000-square-foot, experiential mixed-use development along the world famous Sunset Strip in West Hollywood, California.
HFF marketed the property on behalf of the seller, Broadreach Capital Partners.
The Sunset encompasses 2.2 acres along Sunset Boulevard and features a 10-story, approximately 72,000-square-foot office tower and a three-building retail plaza encompassing approximately 107,000 square feet built on top of a subterranean parking structure that provides 930 parking spaces (roughly five spaces per 1,000 square feet). Additionally, this project includes three billboards atop the retail buildings that were fully leased as of December 31, 2016. The 88-percent-leased complex features some of the world’s most recognizable brands in fashion and health/fitness, including Equinox, SoulCycle, H&M and Oliver Peoples. Boasting 420 feet of street frontage at 8560-8590 Sunset Boulevard, the property is within walking distance of an abundance of upscale residences, shopping, dining, and hotel development positioned along the rapidly urbanizing Sunset Strip in West Hollywood.
The HFF investment sales team representing the seller included senior managing directors Ryan Gallagher and Michael Leggett, who is also co-head of HFF’s West Coast team, managing directors Bryan Ley and Andrew Harper and director Tim Geiman.
About Broadreach Capital Partners
Established in 2002, Broadreach Capital Partners is a real estate investment firm that focuses on western U.S. commercial and hotel and resort properties. The firm invests in a wide variety of real estate assets across a number of geographies. Their primary objective is the creation of value through the application of experience gained over decades of involvement in all phases of the real estate business, including the acquisition, development, redevelopment, management, financing, entitlement and disposition of real property. The firm combines this expertise with significant financial resources to produce what, over time, have been industry-leading results. Learn more at broadreachcp.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.