A 2.2k sf, single-tenant property fully occupied by Ample Hills Creamery in L.A.’s Los Feliz neighborhood was acquired by a private investor for $3.825 mil ($1,738/sf). The store, which opened its doors in October 2018, marks the first West Coast location for the NYC-based ice cream retailer.
Located at 1824 Hillhurst Ave, at the corner with Russell Ave, the Craftsman-style property was originally built in 1915 as a single-family residence. It underwent an extensive renovation completed in 2018 with significant capital invested by both the seller and Ample Hills Creamery – as testimony to its long-term lease commitment to the space. The property features a 1.8k sf patio seating area.
Ara Rostamian, Patrick Luther and Matthew Mousavi with SRS’ National Net Lease Group represented the seller, a Los Angeles-based private investor. The buyer was repped by Sharon Carz of SVN. The transaction closed at a 5.17% cap rate.
“This is a unique property with a successful and expanding long-term tenant in the highly walkable Los Feliz neighborhood, which also has one of the highest barriers to entry in Los Angeles. The asset’s charm, layout and location received a huge amount of investor interest and offers,” noted Rostamian.
SRS tells us that at $1,735 per square foot, the property sold for one of the highest prices per square foot for retail transactions in the greater Hollywood/Silverlake market as well as one of the highest ever prices per foot for retail buildings built before the 1920s for all of Southern California, according to CoStar records.