Avison Young has brokered the $10.9 million sale of The Canvas @ Sunset Junction, a 35,295-square-foot creative commercial campus located at 4114, 4116, and 4122 W. Sunset Boulevard in Los Angeles. The sale also included an adjacent vacant parking lot located on Myra Avenue.
Avison Young Principal John Tronson and Vice President Thor Lee represented the seller, a joint venture of Grosh Scenic Studios, Inc. & TTADA, LLC comprised of a several family members. The buyer, Redcar Properties, LLC, a Los Angeles-based development group, was represented by Carle Pierose of Industry Partners. Redcar is planning a full renovation with details not finalized at this time.
Consisting of three interconnected buildings, 4114 and 4116 W. Sunset were built in 1928 and 4122 W. Sunset was built in 1947. Known as the Grosh Backdrops & Drapery building, the iconic property has been owned by the selling family since it was developed. It is situated on just over one-half acre of land including the vacant lot. Key architectural features include extremely high and dramatic (35 feet-plus) bow truss, clear span ceilings with dozens of skylights and exposed wood beams. It was specifically built for the purpose of designing and painting backdrops for the newly emerging film industry as well as live theater performances.
“Our team marketed the property unpriced and conducted dozens of tours with interested developers and users,” said Lee in a statement. “Ultimately, we generated multiple offers and selected Redcar due to its impressive track record of quality developments, competitive offer, and familiarity of this specific area of Los Angeles.”
“This was a very rare opportunity for a buyer to acquire an asset with stunning architecture and a rich history in a highly desirable, dense Los Angeles location,” Lee added.
The property is located at the intersection of Sunset Boulevard and Santa Monica Boulevard in the Sunset Junction area of Silverlake and provides easy access to Hollywood, West Hollywood, downtown LA, Tri-Cities and the San Fernando Valley. Sunset Junction is a strong submarket for both commercial and residential properties with an enticing mix of office, chic retail and hip dining options nearby.
