Adler had completed the renovation of the building last year and had also sold an adjacent half acre lot to the Church of Scientology. Adler had originally planned to re-develop the site with a new mixed use project but the community opposed the new development.

“We are pleased with the outcome of this project.” said Michael Adler, President of Adler Realty Investments.  “The renovation of the building provided a much needed face lift for such a prominent corner of Los Feliz.”

Duncan Lemmon and John Battle of Lee & Associates were partners in the deal and also represented the seller in the sale.

ABOUT THE COMPANY

Adler Realty Investments, Inc. is a full-service real estate investment and development firm with over $350 million in assets currently under ownership/management. ADLER’s real estate portfolio consists of more than 2.5 million square feet of office, industrial, retail and multi-family residential properties in Texas, California, Colorado, and Arizona, as well as vacant land for future development.  ADLER’s trademark is its unparalleled ability to identify, analyze, negotiate and close transactions involving many different types of real estate. ADLER has the experience and expertise required to execute management and development strategies to maximize a property’s value in the market.

For more information, please contact Michael Adler at (818) 884-2200 or visit www.adler-realty.com. Adler Realty Investments, Inc. is located at 20951 Burbank Blvd. Suite B, Woodland Hills, Calif. 91367.

Contact:
Jo Hunt
DHA Lifestyle PR
27703 Eastvale Rd.
Palos Verdes Peninsula, CA 90274
jo@delyon-hunt.com
310-541-2800

The deals are some good news for Hillhurst Los Feliz LLC, which bought the property at 4500 Los Feliz Blvd. in 2004 as a tear-down. However, its plan to build a mixed-use residential building was dashed when a preservationist group successfully appealed for a historic and cultural designation.

There were four Brown Derby restaurants that were hot spots in the ’30s and ’40s with Hollywood luminaries. The original on Wilshire Boulevard, and two others in Hollywood and Beverly Hills were demolished.
Adler Realty Investments Inc., a Woodland Hills real estate investment firm that is the managing partner of Hillhurst Los Feliz, recently signed a 10-year lease with Chase Bank, which will open a 5,800-square-foot branch. The deal is valued at $2.8 million. Italian restaurant Louise’s Trattoria, a longtime tenant, also renegotiated its 5,200-square-foot lease in a 10-year deal worth $2.3 million, said Duncan Lemmon, a principal with Lee & Associates, who represented the landlord in both transactions.

The Derby, a restaurant and nightclub that played off the original name and previously occupied Chase’s space, moved out about one year ago, he said.

The property is being further divided to make more than 2,000 square feet of space for a third retail tenant along Hillhurst Avenue. Lemmon said he’s already fielded interest from prospective tenants.

“It’s being renovated at this point with restoration on the exterior and a new roof, air conditioning – all the components to re-tenant the building and bring it up to today’s standards within the historical guidelines,” Lemmon said.

Tim Bower, a senior vice president at CB Richard Ellis, represented Chase.

Los Angeles Business Journal