Press Releases
CANYON-JOHNSON URBAN FUND, THE BOND COMPANIES SELL LANDMARK HOLLYWOOD DEVELOPMENT AT SUNSET & VINE TO SSR REALTY
HOLLYWOOD, Calif. (Feb. 1, 2005) - Canyon-Johnson Urban Fund and The Bond Companies have sold the Sunset+Vine urban mixed-use development in Hollywood to SSR Realty.
The landmark 750,000 gross sq. ft. development at 1555 Vine Street-completed in July 2004-includes 300 apartments, 87,000 sq. ft. of ground-floor retail, an 833-space parking garage and 19 billboards.
Situated on 3.36 acres on the northwest corner of one of Hollywood's busiest and most famous intersections, Sunset+Vine has won numerous awards, including the Grand Award for Best Commercial Retail Project at the PCBC 2004 Gold Nugget Awards (also known as "The Best in the West" awards) and an Award of Merit for Best Apartment Project (four stories or more) and for Best Mixed-Use Project.
"Beyond the awards that Sunset+Vine has won, it's very gratifying to see the revitalization that the project is fueling in a long-neglected area of Hollywood," said Bobby Turner, Managing Partner of Canyon-Johnson Urban Fund.
Said developer Larry Bond, Chairman of The Bond Companies, "The vision of Sunset+Vine was to restore the luster and excitement of historic Hollywood in a modern interpretive fashion and create a new hub of activity that would bring about a resurgence of the neighborhood. We strived to create a physical place that matched the positive image of old Hollywood. We achieved our goals."
Sunset+Vine's distinctive features include a swim-up poolside movie theatre, views of Hollywood and the surrounding hills and such retail and restaurant tenants as Borders, Schwab's, Bed Bath & Beyond, Zen Zoo Tea, The Hungry Cat and Kabuki Sushi.
Canyon-Johnson Urban Fund (CJUF) is managed by Canyon-Johnson Realty Advisors LLC, a partnership between Canyon Capital Realty Advisors LLC and Johnson Development Corporation. The Fund's investment strategy is to identify, enhance and capture value through the development, redevelopment, acquisition and repositioning of urban real estate and the origination of mortgages secured by urban real estate. In addition to meeting its investment objectives, the Fund intends to provide and foster economic opportunities for the underserved residents of the urban neighborhoods in which it invests.
The Bond Companies, a leading developer of urban projects in both the California markets and the greater Chicago area, has offices in both Santa Monica and Chicago. The Bond Companies is currently developing more than 3 million square feet of residential, retail and mixed-use projects with an emphasis on the revitalization of urban areas and improving the quality of life of their residents.
Canyon-Johnson Urban Fund and The Bond Companies were represented in the sale of Sunset+Vine by Colliers International, Inc. The sale closed Jan. 20th.
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Media Contacts:
Steve Sugerman or Massie Ritsch
310-689-7535
steve@sugermangroup.com
massie@sugermangroup.com
www.sugermangroup.com
