By Alex Girda, Associate Editor
The pace of investment for the Los Angeles retail market is steadily improving, and brokerage companies are loving every second of it. A recent press release from Hanley Investment Urban Retail Advisors indicates the uptick in deals completed by company representatives in the Los Angeles market. Carlos J. Lopez, president of the company, has recently closed $87 million worth of transactions in the recent timeframe. Hanley Investment Urban Retail Advisors is a division of Hanley Investment Group Real Estate Advisors whose main activity involves the sale and advisory of high profile mixed-use and urban retail properties in dynamic districts.
The deals include two recent transactions involving landmark properties with international exposure. One of the transactions involved a fee interest in the land currently occupied by the TCL Chinese Theatre, known until recently as Grauman’s Chinese Theatre, while the other was the sale of the mixed-use building located at 6904-6912 Hollywood Boulevard, on the iconic Walk of Fame. The other deals handled by Lopez include the acquisition of a vacant land site that previously acted as the neighboring Jerry’s Deli’s parking lot. The 0.25-acre site is located at 321-327 N. Sherbourne Drive.
Another property Lopez negotiated for is the downtown L.A. retail condominium at the ground floor of the Evo, a 24-story, 311-unit luxury residential building, at the corner of 12th and Grand Avenue in South Park. The property offers 4,539 square feet of space at 1155 S. Grand Avenue. The Evo houses another retail condominium, currently the Cork Bar, recently sold, part of a different deal, also handled by the head of Hanley Investment Urban Retail Advisors. Lopez also negotiated deals in the nearby Elleven and Luma buildings, sister building for the Evo, all three part of a LEED-certified development.
Other properties involved in recent transactions facilitated by HI Urban Retail Advisors include a 55,000-square-foot, landmark retail development in Downtown L.A. and two retail buildings in the Old Pasadena District. HI Urban Retail Advisors also has the listings for a number of other high-profile properties that could turn into deals by the end of 2013.