“This property is the jewel of the Hollywood and Vine corner and sits at the center of this growing Hollywood submarket,” said Lee Shapiro, executive VP of Kennedy Wilson Brokerage Group, who along with Chanel Chandler, negotiated the purchase. “Although the Hollywood night spots are popular, we have also completed leases with tenants such as Walgreens, Trader Joe’s Market, Wells Fargo Bank and Chipotle, all of which bring a balance to the neighborhood and has helped build a strong daytime customer base, which is critical to the long term success of the Hollywood submarket.”
The acquisition represents HP Investors first in Hollywood.
“We are delighted to close on the acquisition,” said Isaac Abid, principal at HP Investors. “The location is one of the most dynamic urban retail markets in Southern California and perfectly meets our investment objectives of acquiring urban retail assets that are positioned for strong growth over the long-term.”
Built in 1928 and renovated in 2008, Broadway Hollywood is located on the hard-corner of Hollywood and Vine, one-half block from the Pantages Theatre and is centered within the dominant commercial trade area that is surrounded by businesses such as Bed Bath & Beyond, Trader Joe’s Market, Starbucks, The W Hotel and Residences and The Redbury Hotel. In addition, the MTA Red Line Portal, which provides transportation for more than four million passengers a month, is strategically located one-half block away.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.