4500 Wilshire Blvd, Los Angeles, CA 90010

The historic 'Wilshire Grand Apartments' at 4500 Wilshire Blvd, a landmark mixed-use property in the heart of Miracle Mile, has been acquired by Miracle Mile Development Group for $38.5 million. This transaction encompasses a five-story building featuring 60 residential units above ground-floor retail spaces, totaling 75,000 square feet. The property, originally built in the 1930s, retains much of its Art Deco charm and is strategically located amidst museums, cultural institutions, and major employment centers.

Hancock Park Estates LLC, the previous owner, had held the asset for over 40 years, maintaining its classic appeal while benefiting from its prime location. The sale generated significant interest from various developers due to the property's potential for value-add renovation and its irreplaceable location. The per-unit price translates to approximately $641,667, reflecting the high demand for well-located residential and retail assets in this desirable submarket.

Miracle Mile Development Group has indicated plans for a comprehensive renovation of both the residential units and the retail storefronts, aiming to modernize interiors while preserving the building's historic facade. "This acquisition aligns perfectly with our strategy of investing in iconic properties with significant upside potential in established, supply-constrained markets," commented David Lee, President of Miracle Mile Development Group. "We envision a vibrant mixed-use community that honors the building's heritage while offering contemporary living and retail experiences to the Miracle Mile neighborhood."