100 per cent leased to high-end fashion and home décor tenants including DASH, Serena & Lily, and Theory and in close proximity to popular retail stores Marc Jacobs, Balmain, Nars, Outdoor Voices and A.P.C
LOS ANGELES, Ca., April 10, 2018 – Cushman & Wakefield has announced the $22.9 M sale of a high street retail property located at 8420-8430 Melrose Ave in West Hollywood. The 11,295 SF property includes 18 spaces of parking and is situated in a coveted area for contemporary retail, the building spans 116 feet on Melrose and 125 feet on Croft.
Cushman & Wakefield’s Vice Chairman, Kazuko Morgan, and Senior Director, Carine Mamann, represented the buyer – a venture between, L3 Capital, from Chicago and Guggenheim Real Estate.
The seller was American Commercial Equities represented by David Ickovicks from Commercial Asset Group.
Ms. Mamann said the buyer viewed the sale as a long-term investment.
“The area is located on a stretch of Melrose that is really an extension of Melrose Place. The building is located on a prime corner directly across from Marc Jacobs, A.P.C and Outdoor Voices. People can park closeby and walk the area. It has great visibility in a cool neighborhood,” Ms. Mamann said.
The tenants include:
- Theory – a New York-based men’s and women’s contemporary fashion label which sells clothes and accessories. In addition to their retail locations, Theory is carried in every major department store as well as small boutiques internationally.
- DASH – a one stop contemporary women’s boutique which sells clothing, accessories, and footwear. Owned and operated by Kourtney, Khloe, and Kim Kardashian, the first standing brick and mortar location was founded in Calabasas, Ca. in 2006.
- Serena & Lily – a home and lifestyle brand with a fresh, California point of view. With five retail stores and a large ecommerce business, Serena & Lily sells everything from furniture, rugs, and lighting, with a specialty in bedroom linens.