Artisan Realty Advisors of Santa Monica has purchased a two-building, 40,000-square-foot retail property in Hollywood for $61 million, or $1,525 per square foot, from limited liability companies Cahuenga Lofts and Ivar Group.

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1520 N. Cahuenga Blvd.

The property, known as Space 15 Twenty, is located at 1520, 1534, 1538 and 1542 N. Cahuenga Blvd and 1535 Ivar Ave. The parcel includes two buildings, an open space area as well as a surface parking lot.

It is located in the heart of Hollywood, near the ArcLight Hollywood movie theaters and Cinerama Dome, and is a short walk from Sunset and Hollywood boulevards. The Los Angeles County Metropolitan Transportation Authority Red Line’s Hollywood/Vine station is nearby as well.

The property’s current tenants include Umami Burger and Urban Outfitters.

Cory Stehr, a principal at Lee & Associates-L.A. North/Ventura represented the sellers. Trevor Belden and Bryan Carnes, both partners at Industry Partners, represented the buyer.

“My clients have owned the property since 2006, and it is such a unique property with high visibility and strong branding that it generated quite a few off-market offers over the years,” Stehr said in a statement. “Once my clients decided it was time to redeploy capital and diversify their investment portfolio, they got interest from a handful of highly qualified, local and national companies.”

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.