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Nonprofit Sells Hollywood Headquarters to Another Nonprofit
Los Angeles Beautification Team, a nonprofit dedicated to community improvement, has sold its 6,743-square-foot office building, located at 1741 N. Cherokee Ave. in Hollywood, for $5,375,000. The buyer was Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities.
JLL’s Nicole Mihalka and Cal Ross, along with the Kenny Stevens team at Compass, represented Los Angeles Beautification Team. Although the price of the property exceeded $5 million, the sale was not subject to the region’s new ULA tax (the so-called “mansion tax”) because of the seller’s nonprofit status.
“As our service area grew and the demand for our community improvement services increased, we had outgrown our facility in Hollywood,” said Sharyn Romano, CEO, Los Angeles Beautification Team. “When we decided to sell, we were thrilled to receive multiple offers and select Big Sunday, another nonprofit doing great work in this community.”
Big Sunday will use the building for its headquarters. Move-in is scheduled for April.
- ◦Sale/Acquisition
