A $13-million transaction for The Shops at Hancock Lofts, a retail condo property spanning 10,513 square feet at 8759, 8761, and 8763 Santa Monica Boulevard, has been completed, according to CBRE. The buyer, Goodyear Investments, LLC—a private investor—purchased the asset to fulfill a 1031-exchange, with representation from Pegasus Investments handling both the acquisition and debt origination. CBRE’s Patrick Wade and Alex Kozakov managed the sale on behalf of the seller, an institutional owner.
The property, fully leased to a diverse tenant lineup including Tender Greens, Thirty-2 Dentistry, and Crossroads Trading, also encompasses a parking garage and its associated revenue. “West Hollywood continues to be one of the most coveted retail investment submarkets in Southern California,” said Wade, executive vice president at CBRE. “With a high-performing tenant mix and significant foot traffic, this was a rare opportunity to secure a high-quality asset in an exceptionally competitive market.”
The sale shows the ongoing demand for prime retail spaces in the region, with the property’s strategic location and tenant stability contributing to its value.
Lovely! And contrary to what most naysayers here say.