Musicians Institute buys more Hollywood property
The Musicians Institute College of Contemporary Music, a longtime Hollywood presence, has expanded again with the purchase of two buildings on Highland Avenue.
The music school paid $6.2 million for two buildings totaling 18,662 square feet, real estate broker Kathleen Silver said. The property includes an office building at 1518 Highland Ave., a retail building next door at 1522 Highland Ave., a billboard and a parking lot.
Musicians Institute already occupies the two-story office building, which it has been leasing. The retail building currently houses a high-end kitchen appliance showroom, but the school will take over the space when the tenant’s lease expires in September.
The seller was a family trust headed by Charlotte Jones of Sherman Oaks, according to real estate data provider CoStar Group.
With this purchase, Musicians Institute now owns 10 buildings in Hollywood totaling about 130,000 square feet. Its main building on Hollywood Boulevard is open to students 24 hours a day and contains recording and performing facilities along with classrooms, practice rooms and a library.
“They have been doing a terrific job assembling property as close as possible to their headquarters,†said Silver, president of Beverly Hills-based Silver Commercial Inc. “They buy one building at a time and keep plugging away.â€
The Highland Avenue property received multiple offers and the deal was done in three weeks, Silver said. Apartment developers are among the most aggressive buyers in Hollywood, she said.
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