By Alex Girda, Associate Editor
Los Angeles– A Melrose Avenue retail asset recently traded hands as real estate brokerage group Kennedy Wilson arranged the sale of the Fred Segal building on Melrose Avenue. As both the seller and buyer, CormackHill was represented by a Kennedy Wilson team consisting of Executive Managing Director Ed Sachse, Executive Vice President Fred Cordova, and Senior Associate Michael Puleo.
Located at 8100 Melrose Ave., the 29,000-square-foot commercial property offers both retail and restaurant space, and is currently leased out to Ron Herman and Ron Robinson. The property also offers 102 parking spaces, and is placed in an area that features proximity to shopping and fashion districts such as Melrose Place, Robertson Boulevard, The Grove, and the Beverly Center. Continued growth in L.A.’s trade sector means that more jobs have been created, leading to increased investor appetite in the retail sector.
According to Sachse, “this was the first time in over 40 years that this high profile property had been on the market.” The property’s attractive location, combined with its history as one of the focal points of L.A.’s high fashion industry of old, have been fruitful as a wide variety of buyers expressed interest in acquiring the asset, Sachse also noted.