The 8000 Sunset shopping center has been sold.
Weingarten Realty Investors, a Houston-based owner, manager and developer of shopping centers, announced that it has completed acquisition of the 22-year-old shopping center for $99 million.
The property is currently 94% leased and is anchored by Trader Joe's grocery store, along with CB2 ("Crate & Barrel"), Crunch Fitness, Burke Williams day spa and the soon-to-open Sundance Cinema (formerly the Laemmle Sunset 5 cinema)
"8000 Sunset is the quality shopping center that we are focused on in our recycling initiative. The center's retailers, Trader Joe's, Pei Wei and Starbucks, are all existing relationships and combined with the superior demographics including the extreme density and high household incomes as well as strong barriers to entry represents the quality we are pursuing in our acquisition program today," said Drew Alexander, President and Chief Executive Officer of Weingarten Realty in a press statement.
Located on the southeast corner of Sunset Boulevard at Crescent Heights Boulevard, the intersection has 140,000 vehicles passing the site daily according to the press statement. There are 240,000 people living within a three-mile radius of the intersection with an average household income of $104,000 the statement says.
The famed Schwab’s Drug Store and Googies coffeeshop once sat on that site.