A 16,814 square foot land parcel located at 6140 Hollywood Blvd, Los Angeles, has been sold for $9,500,000. The sale price reflects a rate of $565 per square foot and is noted as a record for land in Hollywood. The site currently has a vacant 8,500 square foot retail building.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $9,500,000
• Address: 6140 Hollywood BLVD, Los Angeles
• Market: Los Angeles
• Buyer: Hollywood Culture & Investment Corp
• Seller's Representative: John Tronson (Avison Young)
• Broker Team: Thor Lee, John Tronson and Steve Tronson

The buyer, Hollywood Culture & Investment Corp from China, has plans to develop a high-end boutique hotel on the site, with potential construction beginning in early 2017. The seller was represented by a private local investment group.