{"id":1004154635,"date":"2016-10-06T07:49:48","date_gmt":"2016-10-06T15:49:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154635"},"modified":"2020-04-29T01:09:38","modified_gmt":"2020-04-29T09:09:38","slug":"svn-closes-sale-of-hollyway-center-in-west-hollywood","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/svn-closes-sale-of-hollyway-center-in-west-hollywood\/","title":{"rendered":"SVN Closes Sale of Hollyway Center in West Hollywood"},"content":{"rendered":"<p><em>By Ioana Moldovan<\/em><\/p>\n<div id=\"attachment_1004154642\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154642\" data-attachment-id=\"1004154642\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/svn-closes-sale-of-hollyway-center-in-west-hollywood\/thumbnail_weho-photo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg\" data-orig-size=\"1280,610\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"thumbnail_WeHo Photo\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg?w=1024\" class=\"wp-image-1004154642 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg\" alt=\"Hollyway Center, Los Angeles, Calif. \" width=\"300\" height=\"143\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg 1280w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg?resize=300,143 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg?resize=768,366 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg?resize=1024,488 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004154642\" class=\"wp-caption-text\">Hollyway Center, Los Angeles, Calif.<\/p><\/div>\n<p><strong>Los Angeles<\/strong>\u2014L.A.-based <a href=\"https:\/\/www.lasvn.com\" target=\"_blank\" rel=\"nofollow\">SVN-Rich Investment Real Estate Partners<\/a>\u00a0arranged the sale of Hollyway Center, a retail asset located at 8351 Santa Monica Blvd. in West Hollywood. The deal was closed on behalf of the Levitt Family Trust to an undisclosed buyer for $11 million, which represented a 3.4 percent cap\u00a0rate and a price of more than $1,250 per square foot.<\/p>\n<p>Hollyway Center was built in 1966 and totals 8,790 square feet. Two of the three tenants, Hollyway Cleaners and Earthbar, have been in\u00a0the property for 26 years and have leases that run through 2030.\u00a0Rob Zaharia, vice president of investment sales at\u00a0<a href=\"https:\/\/www.svn.com\/\" target=\"_blank\" rel=\"nofollow\">SVN<\/a>, and Tim Steuernol, executive vice president at\u00a0NAI Capital, represented the seller, while David Chasin, executive vice president of Pegasus Investments, worked for the buyer.<\/p>\n<p>\u201cThis offering presented one of the rarest opportunities in Los Angeles to acquire a true trophy asset in one of the most sought after locations in <a href=\"https:\/\/www.commercialsearch.com\/news\/news\/los-angeles\/\" target=\"_blank\">Los Angeles<\/a>\u201d, Zaharia said in prepared remarks. &#8220;Because of the unique quality of the property, it was aggressively priced and we entertained multiple competitive offers. Ultimately, the sellers went with an all-cash offer and a quick close.\u201d<\/p>\n<p>The strip center has never been on the market before the current deal.<\/p>\n<p><em>Image courtesy of SVN<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 8,790-square-foot center has never been on the market before. <\/p>\n","protected":false},"author":1087,"featured_media":1004154642,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21749,15],"tags":[],"class_list":["post-1004154635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SVN Closes Sale of Hollyway Center in West Hollywood - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/svn-closes-sale-of-hollyway-center-in-west-hollywood\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SVN Closes Sale of Hollyway Center in West Hollywood\" \/>\n<meta property=\"og:description\" content=\"The 8,790-square-foot center has never been on the market before.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/svn-closes-sale-of-hollyway-center-in-west-hollywood\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-06T15:49:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-29T09:09:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/thumbnail_WeHo-Photo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"610\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Moldovan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/\"},\"author\":{\"name\":\"Ioana Moldovan\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a6efab629615e8e751b5331b7fd982c9\"},\"headline\":\"SVN Closes Sale of Hollyway Center in West Hollywood\",\"datePublished\":\"2016-10-06T15:49:48+00:00\",\"dateModified\":\"2020-04-29T09:09:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/\"},\"wordCount\":228,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/10\\\/thumbnail_WeHo-Photo.jpg\",\"articleSection\":[\"Deals\",\"Investment\",\"Los Angeles\",\"News\",\"Retail\",\"West\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/svn-closes-sale-of-hollyway-center-in-west-hollywood\\\/\",\"name\":\"SVN Closes Sale of Hollyway Center in West Hollywood - 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