8763 Santa Monica Boulevard
$13,345,000
8763 Santa Monica Boulevard, West Hollywood, CA 90069
6.5
Cap Rate
867,450
NOI
Details:
Description:
Rare Opportunity to Acquire a Prominent Multi-Tenant Retail Condo Investment in Downtown West Hollywood: Retail asset featuring restaurant, fashion and medical tenants located within a premier Los Angeles submarket “West Hollywood” one of the most coveted retail investment submarkets in Southern California.
Stabilized Investment with Strong Tenancy: The Shops at Hancock Lofts is currently fully occupied and leased to three (3) established businesses: Tender Greens Restaurant (22 locations; est. 2006); Thirty-2 Dentistry (est. 2006) and Crossroads Trading (38 locations; est. 1991). The tenants are experienced operators, providing a stable income stream for investors.
Multi-Level Parking Lot & Additional Income Included: The offering provides fee simple ownership in the three (3) retail condos plus operation of the parking structure. The parking lot provides 148 parking spaces, which includes abundant parking for the Shops, public parking, and seven (7) dedicated spaces for ground-floor residential condominiums. The public parking provides an opportunity for excellent income growth and long-term value.
Award Winning Residential Condo Complex: The Hancock Lofts (located above The Shops) is a one-of-a kind sanctuary with award winning, sustainable design, consisting of 31 luxury condominiums (selling average $875/sf in 2022) and 7 rental units. The Shops at Hancock Lofts provide excellent shopping and amenities to the building’s residents, locals, and tourists to the famed Santa Monica Boulevard.
Strong Retail Mix: The presence of Tender Greens, a well-known casual dining chain, alongside Crossroads Trading, a popular apparel resale store, and a dental office creates a diverse retail environment that caters to a broad demographic, enhancing foot traffic. Significant residential density along with numerous nearby businesses, bars and clubs provide strong pedestrian and vehicular traffic, day and night.
Improving Returns: The existing leases contain strong upcoming scheduled rent increases and the parking income has shown strong year-over-year growth, offering potential for consistent cash flow and appreciation over time.
Dense Southern California Demographics: West Hollywood boasts a vibrant and affluent population with a high concentration of young professionals and families, driving demand for retail services, and ensuring a stable customer base for the tenants. There are 236,423 residents located in the three (3) mile demographic ring. The average household income in the one (1) mile demographic ring is over $168,993, which fits the center’s target customer bases.
High Barriers to Entry: Supply constrained, densely populated, infill trade area with limited sites available for future development or redevelopment, creating high barriers to entry and ensuring the Subject Property’s long-term growth and success.
Debt Free Asset: The Shops at Hancock Lofts will be delivered free and clear of existing financing, attracting the widest and deepest pool of investors and providing a potential purchaser an opportunity to customize debt to achieve optimal returns. CBRE debt and equity finance will provide potential investors with credible and attractive debt underwriting.
Hard Corner Location Along Santa Monica Blvd., a Major East-West Thoroughfare Street in the Heart of West Hollywood: The Shops at Hancock Lofts is located in the heart of West Hollywood along Santa Monica Boulevard, which features over 65,400 CPD at the intersection.
Immediately Adjacent to Major Attractions: This location is immediately adjacent to Beverly Hills, Pacific Design Center, and some of the most well known and prestigious West Hollywood restaurants, bars, and hotels.
Documents:
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Offering Memorandum
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Location

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