Newport Beach, CA (June 12, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $3.825 million sale of a single-tenant property fully occupied by Ample Hills Creamery which opened its doors in October 2018 in the Los Feliz neighborhood of Los Angeles. An ice cream cult classic in New York City, this location marks Ample Hills Creamery’s first store on the West Coast.
SRS’ National Net Lease Group Vice President Ara Rostamian and Managing Principals Patrick Luther and Matthew Mousavi represented the seller, a Los Angeles-based private investor. The buyer was a California-based private investor represented by Sharon Carz of SVN. The transaction closed at a 5.17 percent cap rate.
Located at the hard corner intersection of Russell Avenue and Hillhurst Avenue at 1824 Hillhurst Avenue, 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 totals 2,204 square feet and also features a 1,828-square-foot patio seating area.
“This is a unique property with a successful and expanding long-term tenant in the highly walkable Los Feliz neighborhood which also has a 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,” said Rostamian “SRS carefully qualified and chose the strongest buyer who paid all-cash and closed escrow in just 45 days.”
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.
Rostamian added, “High street retail areas in Southern California like Beverly Hills, West L.A. and Santa Monica yield some of the highest ever sold per-square-foot prices. Although we would call Los Feliz a secondary high street retail market like Silverlake, Larchmont Village or certain parts of Sunset/Melrose corridors, this pride of ownership neighborhood has historically been very competitive, attracting long-term holds and translating into extremely rare property trades.”
Los Feliz is one of L.A.’s most walkable neighborhoods with a collection of historic storefronts, popular bars, restaurants, and more. The neighborhood is close to three famous landmarks – Griffith Observatory, the Hollywood Sign, and the HollyHock House.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.