Investor snaps up retail space on coveted LA corridor

Goodyear Investments buys fully leased stores under upscale flats in West Hollywood

The Shops at Hancock Lofts tenants include fast-casual dining chain Tender Greens, Thirty-2 Dentistry and apparel reseller Crossroads Trading. (CoStar)

By Brannon Boswell

CoStar News

June 18, 2025 | 12:13 P.M.

A high-performing retail space tucked beneath a luxury condo building on one of West Hollywood’s most trafficked stretches has sold for a premium price, offering a window into where investors still see safety in LA’s shifting commercial market.

The Shops at Hancock Lofts, a 10,513-square-foot retail condo property on Santa Monica Boulevard, sold for $13 million to Goodyear Investments LLC, according to CBRE, which represented the seller.

The deal pencils out to just over $1,237 per square foot, among tops for retail sales above $10 million in the region in the past year. The retail property sits at the ground level of Hancock Lofts, a luxury mixed-use complex with high-end apartments that command premium rents. The sale does not include the residential portion.

“West Hollywood continues to be one of the most coveted retail investment submarkets in Southern California,” Patrick Wade, executive vice president at CBRE, said in a statement.

CIM Group acquired the site in 2005 when it was a Pacific Bell warehouse and redeveloped it into 901 Hancock with 31 for-sale condominium units and seven for-rent units.

“With a high-performing tenant mix and significant foot traffic, this was a rare opportunity to secure a high-quality asset in an exceptionally competitive market," Wade said.

The property spans three addresses — 8759, 8761 and 8763 Santa Monica Blvd. — and includes revenue from an on-site parking garage. Current tenants include upscale local fast-casual restaurant chain Tender Greens, Thirty-2 Dentistry and apparel reseller Crossroads Trading.

The buyer, Goodyear Investments, is a private investor active in Southern California. The company used proceeds from a previous sale to complete the acquisition under 1031 Exchange rules, targeting stabilized assets with durable income in prime infill markets.

The deal is the latest high-ticket retail purchase in the neighborhood. Regency Outdoor Advertising purchased a vacant retail property on the Sunset Strip for $26 million, with redevelopment plans for the high-profile corner.

For the record

The buyer was represented by Pegasus Investments, which also arranged financing. In addition to Wade, CBRE’s Alex Kozakov represented the seller, and institutional owner, in the transaction.