SUCCESS STORY
Sold for $380,000 Over Listed Price in Hollywood
1741 N. Cherokee Ave.
This achievement begs the question: When's the last time you saw an over-asking commercial sale in LA?
Price
$
5,375,000
City
Hollywood
Current Cap Rate
N/A
%
Price P/ Unit
$
5,375,000
Lot Size
18,000
SF
1741 cherokee
About the Property
1741 N. Cherokee is a newer construction (2012) well-maintained office building sitting on a spacious 18,000 lot. Designed by the renowned architects Gruen Associates, 1741 N. Cherokee featured separate executive offices, an expanded training space with 14'-18' ceiling heights, outdoor nursery, and multiple restrooms. In addition to the modern interior spaces, there was 7,000 SF of beautifully landscaped outdoor "green space".
Price
$
5,375,000
City
Hollywood
Current Cap Rate
N/A
%
Price P/ Unit
$
5,375,000
Lot Size
18,000
SF
Background
1741 N. Cherokee was a property designed by the renowned commercial architectural firm, Gruen Associates. A highly regarded non-profit organization owned and occupied the property for several decades. However, as their needs evolved, they sought assistance from KST and JLL to facilitate its sale. The collaboration between KST, Compass, and JLL provided the property with unmatched exposure across residential, multifamily, and office markets.
Challenge
We started the marketing cycle with significant interest. In addition to marketing on all standard platforms, our two email campaigns garnered nearly 12,000 views. With several offers in hand, we toured the property with all qualified buyers, which created a competitive environment and a round of best-and-final offers.
Result
Throughout the escrow, we carefully managed the requirements set forth by the non-profit board, ensuring effective communication and tactful navigation. With invaluable support from Nicole Mihalka, a JLL commercial specialist with extensive experience in Hollywood office properties, we successfully kept all parties engaged and finalized the deal. 1741 N. Cherokee sold for $5,375,000—$380,000 over the listed price. This achievement begs the question: When’s the last time you saw an over-asking commercial sale in LA?
