Champion Plans Hollywood TOD Project
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Hollywood, Calif.--West Los Angeles-based Champion Real Estate Co. has bought a five-building, mixed-use complex in Hollywood out of receivership for $20 million.
Hollywood, Calif.–West Los Angeles-based Champion Real Estate Co. has bought a five-building, mixed-use complex in Hollywood out of receivership for $20 million. The company paid cash for the property.
The project, located on a 2.76-acre site, consists of three small office buildings, two multifamily structures and three parking lots, according to receiver Taylor B. Grant, who heads Newport Beach, Calif.-based Real Estate Receiverships, which handled the sale, which involved 19 bids. U.S. Bank was the lender.
Currently, Panavision occupies one of the office buildings, or about 25,000 square feet, and the two smaller buildings are about 50 percent occupied. The low-rise apartment buildings are vacant, and a 1,500 square-foot restaurant formerly occupied by Numero Uno Pizza is vacant as well.
Champion Real Estate plans to entitle the property and build a $100 million transit-oriented, mixed-use project featuring retail, restaurants and apartments. Previous mixed-use projects by the company include the Dalton in Pasadena, the Burbank Collection in Glendale, the Pasadena Collection in Pasadena, and Gaslamp Square in the Gaslamp Quarter of San Diego.
As a specialist in developing urban infill sites, Champion anticipates being able to do other deals like this one, even in the face of increasing investor interest in such sites, especially for their multifamily component. “As the market recovers, competition will increase,” Robert Champion, president of Champion Real Estate, tells MHN. “We hope to remain competitive by our willingness to buy unentitled deals, our ability to pay all cash and close quickly, and our experience in mixed use.”