Transactions - JANUARY 11, 2017

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West Hollywood mixed-use development sells for $210m

by Andrea Waitrovich

Broadreach Capital Partners has sold The Sunset, a 179,000-square-foot, experiential mixed-use development located along the Sunset Strip in West Hollywood, Calif., for $210 million. The buyer was not disclosed; however, Kilroy Realty Corp has been rumored to be the new owner. 

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 on top of a subterranean parking structure that provides 930 parking spaces.

Additionally, this project includes three billboards atop the retail buildings that were fully leased as of Dec. 31, 2016. The complex, which is 88 percent leased, includes tenants such as Equinox, SoulCycle, H&M and Oliver Peoples.

Broadreach Capital Partners acquired the complex in 2007 for $105 million from a subsidiary of Apollo Real Estate Advisors (now part of Ares Management).

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