LOS ANGELES, Calif. – March 9, 2015 – (RealEstateRama) — 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.
Rosano notes that the existing structures are blighted and in need of extensive repair – a challenge that could have been insurmountable for many buyers.
“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.
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 Partners is a completely different kind of full-service commercial real estate brokerage. The firm uses integrated technology and an extremely diverse team to produce real estate solutions that make a difference in urban markets through Southern California.
For nearly 10 years, Rosano Partners has provided sales and leasing, property management and finance services throughout Southern California. Headquartered in Los Angeles with an office in San Diego, the company specializes in retail and multifamily product, unique urban development opportunities, as well as placements of equity or debt.
For more information, visit www.rosanopartners.com.
Amanda Brenner / Jenn Quader
Brower, Miller & Cole