CoStar News reports that Regency Outdoor purchased a vacant retail property on the Sunset Strip for $26 million, with redevelopment plans underway for the high-profile corner.

The 8,500-square-foot building at 8830-8844 W. Sunset Blvd. sits across the street from a well-known nightclub, the Viper Room, and has 130 feet of street frontage on the Sunset Strip, a 1.7-mile stretch known for its shops, rock ‘n’ roll history and an array of colorful billboards. Regency Outdoor Advertising plans to redevelop the 16,000-square-foot corner parcel within five years, though details remain under wraps for now, according to Kidder Matthews Senior Vice President Kelly Betpolice, who represented the buyer in the deal.

Though Regency is best known for leasing billboard space to advertisers across LA, the firm has been steadily expanding its real estate holdings in recent years with an eye toward hotel redevelopment.

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