Citizen News Building Sells for $8M

HOLLYWOOD, CA-A local investment group backed by Richard Ziman of Arden Realty has acquired the 75-year-old former home of the Citizen News newspaper for $8.1 million and plans a condominium project at the site. Built in 1931, the property includes a 43,562-sf office building and a 20,000-sf parking lot at 1545 Wilcox Ave.The buyer was Brentwood Capital, a new fund backed by Ziman, and the seller was a private investor based in Venice. Principal Britten Shuford of Leonard & Ohren, who represented the buyer and the seller, notes that the sales price of $180 per sf ranks among the highest prices per sf paid in the submarket for a comparable building.Shuford says the new owner plans to develop the condominiums, including below-grade parking, on the 20,000-sf parking lot site. The office building was half occupied by five tenants at the close of escrow.Imagic, a graphics design company, was the anchor tenant in the building for more than 20 years and vacated near the close of escrow to relocate to Burbank. The building was originally the home of the now defunct Citizen News daily newspaper.Shuford notes that the building has been popular with entertainment related companies for its architectural elements and its "rich historic character," including high ceilings and exposed beams. The building is one of many in Hollywood that have attracted new investors and developers in recent years as the community has undergone a revival in its housing, office and retail markets.