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The Real Deal Los Angeles

Strategic Realty Trust buys Sunset Junction retail portfolio for $13.3M

SRT paid $1,270 psf for strip that includes hotspots El Condor, Kettle Black and Sawyer
By Subrina Hudson | January 26, 2017 01:03PM

Silver Lake portfolio swooped up in $13.3 million sale.

Things are heating up on Sunset Boulevard in the heart of hipster haven Silver Lake.

The portfolio called Silver Lake Collection — home to restaurants El Condor, Sawyer and Kettle Black — sold for $13.3 million Wednesday to San Mateo-based real estate investment trust Strategic Realty Trust, headed by chief executive Andrew Batinovich.

The property at 3701-3713 West Sunset Boulevard and 1601 Griffith Park Boulevard includes 10,500 square feet of street-facing shops in Sunset Junction. The property is 100 percent leased, and Voorhees said the sale has no immediate impact on current leases.

The seller, Pacific Palisades-based firm 9 Mile Investments, made a whopping $1,270 a square foot in the sale. The price was more than double the $600 a square foot average for the Hollywood/Sliver Lake submarket, CoStar shows.

CBRE Executive Vice President Philip Voorhees, Todd Goodman, Preston Fetrow, Kirk Brummer, Megan Wood, Matt Burson, Jimmy Slusher and John Read represented the buyer and seller.

Voorhees said Silver Lake has emerged as one of the hottest neighborhoods over the past three years with rental rates following suit.

“The property’s high-performing restaurants not only anchor the project but the neighborhood, making the property an integral part of the community,” he said, in a statement.

Built in 1934 and 1940, the property consists of two parcels on a 0.36-acre site. It was remodeled last year with tenant and landlord cost reaching over $2.5 million, according to a release from CBRE.