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WEST HOLLYWOOD, CA-JH Snyder Co. sold its 250,083-sf West Hollywood Gateway shopping center for $72 million and has started work on its $50-million apartment and office project called the Crescent in Beverly Hills.Los Angeles-based Snyder and its partner in the West Hollywood development, Lexington Commercial Holdings, sold the project to ING Clarion Partners in a transaction brokered by the CB Richard Ellis team of Lawrence H. Krasner and David B. Doupé, in conjunction with Chris Houge of Madison Partners, on behalf of JH Snyder Co. and Lexington Commercial Holdings. ING Clarion Partners, which acquired the newly developed power center on behalf of one of its co-mingled funds, was represented in-house. Snyder will retain responsibility for management and leasing of West Hollywood Gateway.Krasner says the ING purchase underscores institutional investors’ continued strong appetite for high quality, well located retail properties. He notes that the West Hollywood Gateway’s location is in a market area with nearly one million residents that reside within five miles of the property, which is anchored by Target (144,000 sf) and Best Buy (46,000 sf) and is 98% leased.Snyder’s Beverly Hills project, the Crescent, is under construction at a site on the corner of Wilshire Boulevard and Crescent Drive. The $50-million project is the first rental apartment complex to be developed in the City of Beverly Hills for the past 25 years. It comprises 40,000 sf of class A office space, 12 two-story brownstones and 76 luxury townhouse apartments. The complex will feature three levels of underground parking, containing 534 spaces. It is scheduled for completion in spring of 2005. Jerome Snyder, a senior principal with JH Snyder, says the development will target the demand both for high-end rental units and office space for top-tier professional firms. The project site is within walking distance of shopping and dining, including Spago and the Rodeo Drive shopping district.

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