Hollywood Development Site Sells for $17M
The site will host a mixed-use development, featuring an apartment building, a hotel and retail space. JLL completed the sale on behalf of the buyer.
By Evelyn Jozsa
6212-6224 West Yucca Ave., 1756-1760 Argyle Ave.
Yucca Argyle Owner A LLC, an entity of Champion Real Estate Co. has acquired a development site in Hollywood, Calif., for $17 million. JLL represented the buyer and Commercial Asset Group worked on behalf of the seller in the transaction.
Located at Yucca Street and Argyle Avenue near Capitol Records, the site will host a mixed-use asset, featuring a 20-story apartment building, a 136-key hotel and commercial space as well. The project site is currently occupied by a 40-unit community and a single family home, which will be demolished and replaced by the new development. The buyer plans to rebrand the site as 6220 Yucca. Construction is expected to commence in 2019 and is slated for completion by 2022.
“This was a very long escrow with the buyer and the seller working together to complete this complicated transaction,” said David Aschkenasy of Commercial Asset Group, in prepared remarks.
Jason Gribin of JLL represented the buyer and Aschkenasy worked on behalf of the seller in the deal. Another transaction completed by JLL includes the sale of two industrial facilities in Tampa last month.
Image courtesy of Google Street View
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