Netflix Acquires Retail Property In Hollywood For $25M
1522 Van Ness Avenue, Los Angeles, California 90028, United States
$25,000,000
$4,464/SF
Building Size
5,600 SF
Asset Type
Retail
Closing
Jan 11, 2022
AI
A retail property located at 1522 Van Ness Avenue in Hollywood has recently been sold. The property, spanning 5,600 square feet, was purchased by Netflix executives Ted Sarandos and Reed Hastings. The sale was facilitated by the popular streaming platform in a deal worth $25,000,000. The buyer was represented by their broker, Netflix's REP.
Summary of transaction details:
- Property Type: Retail
- Sale Price: $25,000,000
- Square Footage: 5,600
- Buyer: Netflix - Ted Sarandos & Reed Hastings
- Seller: Denny's Diner
- Market: Hollywood
The sale of this retail property marks a significant transaction in Hollywood's real estate market. Netflix's executives, who are well-known within the entertainment industry, have expanded their property portfolio with this acquisition. Denny's Diner, the seller in this deal, has successfully sold their property to one of the biggest players in the digital streaming world.
Players
Los Angeles Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93