February 18, 2016
Newport Beach-based Buchanan Street Partners has provided a $12.9-million acquisition loan to Colorado-based Cadence Capital Investments, for five buildings and seven parcels on Sunset Blvd. The assembled site sits next door to Guitar Center, and will be redeveloped into a multi-story Gelson’s Market.
Gelson’s has pre-leased the building, and plans to open its second Hollywood location in 1Q 2018. The upscale regional grocer also operates a popular store in West Hollywood.
Buchanan Street’s Mark Reese says what made the investment attractive was “the project’s irreplaceable location in an area of Hollywood that is experiencing substantial redevelopment and revitalization.” He says Cadence Capital will work on a “truncated timeline to meet the increasing demand in the surrounding neighborhood.”