LOS ANGELES-The San Diego-based firm HP Investors LLC makes its first foray into the Los Angeles market with the purchase of Broadway Hollywood, an 11,000-square-foot prime ground floor commercial condominium on Hollywood Blvd. and Vine St. Kennedy Wilson Brokerage Group sold the property to HP Investors for an undisclosed price.

“The location is one of the most dynamic urban retail markets in Southern California and perfectly meets our investment objectives of acquiring urban retail assets that are positioned for strong growth over the long-term,” says Isaac Abid, a principal at HP Investors about the purchase.

Originally built in 1928, the property is located in a vibrant neighborhood only a half block from the famed Pantages Theater. The submarket has long been a primary location for nightlife, but has experienced increased commercial trade activity in recent years that has brought attention from new investors.

Kennedy Wilson executive VP Lee Shapiro and Chanel Chandler negotiated the purchase. “We have completed leases with tenants such as Walgreens, Trader Joe's Market, Wells Fargo Bank and Chipotle, all of which bring a balance to the neighborhood and has helped build a strong daytime customer base, which is critical to the long term success of the Hollywood submarket,” says Shapiro. “This property is the jewel of the Hollywood and Vine corner.”

Apart from these recent lease completions in the Hollywood submarket, Kennedy Wilson completed Kennedy Wilson Real Estate Fund IV in June with commitments of $300 million, as reported by GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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