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| Mariela Lamburg |
LOS ANGELES, CA –
Rosano Partners has successfully completed the sale of a three building
property that will be redeveloped into a new, boutique hotel to serve the
growing tourist base in North Hollywood, California, according to Sagiv Rosano, President and Founder of
Rosano Partners.
The multifamily asset is planned to be transformed into a
modern, four-story boutique hotel that will feature 70 rooms.
“This transaction and development will have a profound
economic effect on this North Hollywood neighborhood, bringing new jobs and
increased property values to the area,” says Rosano.
“There has been tremendous growth in North Hollywood over
the past 24 months, including new attractions slated for Universal
Studios. All of this activity is fueling
the need for new hospitality product in the area,” he continues.
Mariela Iamburg, Vice President of Investment Sales and a development specialist at Rosano Partners, represented Dennis Scheer and Thomas Enslin, sellers of one of the properties involved in the transaction, as well as 11135 Burbank Blvd RG, LLC, owner of an additional parcel previously assembled by Rosano Partners as part of the offering.
The buyer, a Los Angeles-based developer, was represented by Lux Realty.
The property is located at 11135 Burbank Blvd. in North Hollywood, California.
Rosano notes that the existing structures are blighted and
in need of extensive repair - a challenge that could have been insurmountable
for many buyers.
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| Sagiv Rosano |
“Our team has a unique understanding of urban markets,” he
says. “Based on that specialized
knowledge, we were able to recognize the potential for a completely new use for
this property, and market it to the right prospective buyers.”
Rosano Partners, a full service brokerage that specializes
in providing commercial property services throughout Southern California’s
urban markets, is known for having a diverse team of industry experts. According to Rosano, this trait enables the
firm to provide creative solutions for properties that many others would
overlook.
“We recognized that a hotel would be a welcome addition to
the local landscape, and our team worked to identify the right buyer and
coordinate with the local City Council, ultimately negotiating a transaction
that benefitted all parties,” Rosano says.
The planned hotel will break ground in the last quarter of
2015 and will offer a variety of amenities, including a pool area and dedicated
rooms to showcase and promote the work of local artists.
For more information, visit www.rosanopartners.com.
For a complete copy
of the company’s news release, please contact:
Amanda Brenner / Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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