LOS ANGELES—Amoeba Records has acquired its iconic building at 6400 Sunset Blvd. in Hollywood. The record store repurchased the 50,000-square-foot building for $13.7 million, or $275 per square foot, from an off-market sale-leaseback transaction completed in 2009. According to an industry source unrelated to the deal, properties in that area typically trade at $500 to $600 per square foot.

With few lending in 2009, Amoeba entered the sale-leaseback transaction with a private partnership after failing to refinance the property due to the economic downturn. Michael May, founder of May Realty Advisors, represented Amoeba in both the sale-leaseback transaction and the repurchase transaction. The sale-leaseback included a “right to repurchase” agreement. “This is a phenomenal piece of real estate,” May tells GlobeSt.com. “The market is there, and it was a good timing to repurchased the property.”

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