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Jun. 21, 2013

Real Estate Investment Company Reaches for the Stars as It Completes Walk of Fame Building Acquisition

By Alex Girda, Associate Editor

Demonstrating that Hollywood’s stars continue to be an attraction, ASB Real Estate Investments recently nabbed a prime retail and office property located along the world-famous Walk of Fame. The company acquired the property for its Allegiance Fund, a $2.2 billion core, open-end real estate vehicle investing in high-profile assets that also offer long-term growth possibilities. The stars adorning the Hollywood Walk of Fame seem to be shining as bright as ever from an investment standpoint. ASB acquired the property from seller CIM Group for an undisclosed sum.

The building is located at 6904 Hollywood Boulevard and offers close proximity to some of the traffic artery’s most famous tourist spots such as Grauman’s Chinese Theatre and Madame Tussaud’s. Hollywood Boulevard also features a number of other well-known tourist attractions such as the Guinness Book of Records Museum, the Golden Age Theater, the Hollywood Museum, Pantages Theatre and Ripley’s Believe It or Not “Odditorium.”

The 45,000 square feet that the building offers are spread out over three levels, with the retail component being fully leased to Zara and Hollywood Megastore. The two available office suites currently house companies Allied Integrated Marketing and Napoleon Perdis Cosmetics. ASB purchased the company in conjunction with Blatteis & Schnur, a real estate firm that specializes in the management and leasing of upscale urban retail spaces.

This is not ASB’s first purchase in L.A.’s upscale retail market, as the company already owned around 26,000 square feet in major locations such as Abbott Kinney Boulevard and Robertson Boulevard.

Image courtesy of cimgroup.com

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