Institutions Show Up in Trophy Markets

The Sunset is a 179,000-square-foot, experiential mixed-use development on the Sunset Strip.

LOS ANGELES—Institutions and foreign investors went head-to-head to compete for the Sunset, a 179,000-square-foot, experiential mixed-use development on the Sunset Strip. Broadreach Capital Partners sold the property for $210 million in a competitive sale that brought institutions, including core funds and REITs, high net worth investors and foreign buyers to the bidding block.

“West Hollywood is one of the hottest markets in L.A. and Southern California,” Ryan Gallagher, a senior managing director at HFF, tells GlobeSt.com. “The proximity to Beverly Hills and the surge in media related demand as well as having one of the best restaurant and night life scenes in the country has made it a highly desirable location for the brightest creative talent and tech and media tenants that follow them.” Gallagher represented the seller in the deal along with Michael Leggett, who is also co-head of HFF’s West Coast team, managing directors Bryan Ley and Andrew Harper and director Tim Geiman. The buyer’s name was not disclosed.