Canyon-Johnson Sells Sunset+Vine

HOLLYWOOD, CA-Canyon-Johnson Urban Fund and the Bond Cos. have sold the recently completed Sunset+Vine urban mixed-use development to SSR Realty, which was acquired this week by BlackRock and is now operating under the BlackRock name. Terms of the sale were undisclosed, but the project is believed to have sold for about $165 million in a transaction brokered by Herb Chase, Curtis Palmer and Alex Quintana of the West Los Angeles office of Colliers Seeley International.The Sunset+Vine development, which was completed in July, includes 300 apartments, 87,000 sf of ground-floor retail, an 833-space parking garage and 19 billboards on a parcel of nearly 3.4 acres at the northwest corner of Sunset Boulevard and Vine Street, one of Hollywood's busiest and most famous intersections. Considered a linchpin for the revitalization of the area, it redeveloped what Bobby Turner, managing partner of Canyon-Johnson Urban Fund, calls "a long-neglected area of Hollywood." The project covers a city block in the heart of Hollywood on a site that once was home to the American Broadcasting Co. and Merv Griffin studios.Sunset+Vine features a swim-up poolside movie theater, views of Hollywood and the surrounding hills, and tenants such as Borders, Schwab's, Bed Bath & Beyond, Zen Zoo Tea, the Hungry Cat and Kabuki Sushi. At the time of groundbreaking in July 2002, GlobeSt.com reported development costs at $125 million.Canyon-Johnson Urban Fund (CJUF) is managed by Canyon-Johnson Realty Advisors LLC, a partnership between Canyon Capital Realty Advisors LLC and Johnson Development Corp. The Bond Cos., with offices in Santa Monica and Chicago, is developing more than three million sf of residential, retail and mixed-use projects designed to revitalize urban areas.