LOS ANGELES—Amoeba Records has acquired itsiconic building at 6400 Sunset Blvd. in Hollywood. The record storerepurchased the 50,000-square-foot building for $13.7 million, or$275 per square foot, from an off-market sale-leasebacktransaction completed in 2009. According to an industrysource unrelated to the deal, properties in that area typicallytrade at $500 to $600 per square foot.

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

Amoeba currently occupies 100% of the two-story building, and,according to May, has no plans to vacate the property. Itrepurchased the building with no cash down, 100% financed.Richard Huelsman of May Realty Advisors arrangedthe loan on behalf of Amoeba.