Retail, Apartment, Office Space Commands $24M

[IMGCAP(1)]LOS ANGELES-The 49,000-sf East Village Hollywood apartment and retail building in Hollywood has sold for $12 million to a 1031 exchange buyer, and the 44,000-sf L.A. County Employees Association building in the Mid-Wilshire District has sold for $11.6 million, according to Grubb & Ellis. The buyer of the East Village Hollywood property, which includes 41 apartment units over 2,800 sf of retail, was Los Angeles-based Empire Investments LLC. The new owner of the employees association office building is a private investor.

The East Village Hollywood sold at a 6% percent cap rate and an 11.6 gross rent multiplier, according to Dana Brody and Martin McDermott of the West Los Angeles office of Grubb & Ellis, who represented the buyer and the seller. The four-story building, which is located at 5718-5728 Hollywood Blvd., was built in 2006 and was 100% occupied at the time of sale.

More than 70% of the apartments are two- and three-bedroom units ranging from 1,061 sf to 1,576 sf. The retail tenants include a steakhouse restaurant with full bar and a coffee shop. The asset was sold by Maman Properties LLC and the Stewart Trust of Los Angeles.

[IMGCAP(2)]The Los Angeles County Employees Association building sold in a sale-leaseback, with the seller now looking for a larger headquarters space while still leasing the existing space. The property is at 500 S. Virgil Ave.

The county workers entity that sold the building was the Los Angeles County Employees Association Local 721. The local was represented by Maury Gentile and Brian Denton of the Tenant Advisory Group at Grubb & Ellis, with the buyer represented by Partners Realty. Gentile and his team are assisting the organization in its search for a larger headquarters.