Native Realty Closes Sale Of Prime Downtown Hollywood Retail Building

Native Realty closed the sale of a street-level retail building in the heart of downtown Hollywood. Native CEO Jaime Sturgis represented both the buyer and the seller in the transaction, which closed on October 30 for $2.15 million, or more than $425 per square foot.

Harrison Street Properties of Hollywood LLC, led by Ken Segal, acquired the 2014-2016 Harrison St. property from 2014-2016 Harrison Street LLC.

Built in 1957, the 5,049-square-foot building is in downtown Hollywood’s Historic District, one of the city’s most walkable commercial areas.

Before retaining Native, the property was listed for sale by a different brokerage for more than a year – with minimal activity. After obtaining the listing, Sturgis quickly generated a bidding war for the property, with four prospective buyers competing for the building before the ultimate buyer was selected.

“This building has the kind of location that serious buyers look for, and we saw that play out in real time,” Sturgis said. “With several groups competing for the property, we ran a process that worked for everyone involved. Downtown Hollywood is in the middle of a major wave of development and investment, and buyers want a foothold in the core before it is gone.”

Downtown Hollywood continues to attract significant development and investment activity, driving sustained interest from investors and owner-users in the city’s core. Native has a long history of closing impactful commercial real estate transactions in Hollywood and continues to be a go-to investment sales broker in the market.