West Hollywood properties are located in an irreplaceable walkable neighborhood
Los Angeles, CA — May 4, 2021 — ASB Real Estate Investments (“ASB”) announced today the sale of two retail buildings near the corner of Beverly and Robertson Boulevards in West Hollywood, CA to Arc Capital Partners (“Arc”) in partnership with Belay Investment Group (“Belay”). The properties, which are 100% leased to three high-credit retailers, comprise a total of 18,838 square feet of space. The sale to Arc was made by ASB on behalf of its Allegiance Real Estate Fund, a $7.4 billion core vehicle.
After acquiring the assets in 2013, ASB renovated and re-leased the 8,838-square-foot 308-314 North Robertson Boulevard building to Knoll Home Design and Flexform Furniture. The 10,000-square-foot 8783 Beverly Boulevard Building is leased to Leica Camera, Inc. for their flagship retail store and photography gallery.
“The Beverly Robertson properties reflect the well-located, street front retail that remains highly attractive in mixed-use neighborhoods,” said Quincy Allen, Co-founder and Managing Partner of Arc Capital Partners. “These two buildings are flagship locations in Los Angeles for the three retailers and showed the resiliency of the properties through the Covid-19 pandemic with significant long-term value.”
Belay’s Senior Vice President of Investment, Jake Loughridge, added, “This acquisition fits squarely into our partnerships’ targeted strategy of acquiring unique assets in well located, infill locations. We were able to capitalize on the dislocation in the markets due to the Covid-19 pandemic and we’re excited to have acquired another great asset; our second with Arc this calendar year.”
ASB Senior Vice President Aaron Duncan said: “The sale fits with ASB’s ongoing strategy to selectively reduce retail and office assets and redeploy capital into industrial investments and workforce housing as we move into the next real estate upcycle.”
The JLL Capital Markets (“JLL”) team represented ASB and was led by Managing Director Bryan Ley and Directors Tim Kuruzar and Tony Ensbury. JLL also completed the acquisition financing which was led by Managing Director Jeff Sause and Director Spencer Richley.
About Arc Capital Partners
Arc Capital Partners (Arc) is a real estate owner-investor dedicated to redefining diverse, urban mixed-use environments. In partnership with Belay Investment Group and other large institutional investors, Arc is currently positioned to acquire and invest in $450 million of real estate located primarily in California and Texas. For more information about the company, visit arccapitalpartners.com.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with more than $7.8 billion (as of 3/31/2021) in gross assets under management for over 325 institutional clients. Headquartered in Washington DC, ASB invests in major U.S. markets, concentrating in office, multifamily, retail, industrial and self-storage properties and employs core, value add and development strategies for its clients. For more information about the company, visit asbrealestate.com.
JLL Capital Markets (JLL) is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. For further information, visit jll.com.
Neither Arc Capital Partners nor ASB Real Estate Investments has received or provided any cash or any non-cash compensation in exchange for the statements made in this press release. As a result of Belay’s investment into Arc’s acquisition of the Beverly and Robertson retail buildings, both Arc and ASB, and their respective personnel, have an incentive to make positive statements about Belay and the Beverly and Robertson retail buildings.