The Musicians Institute is expanding its campus with the recent purchase of two buildings on a 16,945-square-foot parcel on Highland Avenue for $6.2 million.
The property includes an 11,000-square-foot office building at 1518 Highland Ave. as well as a 7,600-square-foot retail building at 1522 Highland Ave and a parking lot.
The school already occupies the two-story office building, according to a news release provided by Silver Commercial Inc. The school will occupy the other building, a single-story kitchen appliance showroom, when the tenant's lease expires in Sept. 2012.
The purchased space totals 18,662 square feet. The seller was a Los Angeles-based family trust.
The deal was a quick one. Musicians Institute made an offer the day the property hit the market and the deal was closed within three weeks, said Kay Thorpe of Silver Commercial in a press statement.
Thorpe and Kathleen Silver represented the buyer and seller in the deal.
With this purchase, Musicians Institute owns 10 buildings in Hollywood totaling approximately 130,000 square feet.
Patch checked with the Musicians Institute to get an idea of their plans for the property. Information was not immediately available.