The building is 100% leased to tenants including fashion outlet Zara, the Hollywood Megastore souvenir shop, and two class-A office tenants, Allied Integrated Advertising and Napoleon Perdis, an international cosmetics company and beauty school. The building also has a multi-sided billboard with steel structures atop the roof as a rent-paying tenant.

"This is a world-class location comparable to New York's Times Square or the Las Vegas Strip and is centrally located along one of Southern California's top tourist attractions, drawing an estimated 18 million tourists per year,” said a statement from Lopez. "Hollywood is one of the hottest real estate markets in Southern California with all of the attributes to sustain it well into the future. The area has always been supported by a strong entertainment and tourist draw, and now, with the new zoning ordinances, there is an increased demand to build higher density residential projects in the district."

Earlier in the year, HI Urban Retail Advisors represented the buyer and seller in the purchase of the 55,000-square-foot Market Lofts at 645 West 9th St. in the downtown area.

As previously reported by GlobeSt.com, the Hollywood market is red hot. Lincoln Property Co. recently acquired the former Eastman Kodak studios.