Kennedy Wilson Brokerage recently completed the sale of two retail properties in Los Angeles, located on the northwest and northeast corners of Melrose and Edinburgh avenues. The total sales price for both properties was $6.85 million.
The brokerage team, consisting of president Ed Sachse and assistant VPs Jaysen Chiaramonte and Jack Nathan, represented Quiet Lion LP in these transactions. The three buildings on two parcels at 8001 and 7975-7977 Melrose Ave were sold separately.
One property, a vacant single-tenant building measuring 3,355 square feet at 8001 Melrose Ave., was marketed as an owner-user opportunity. It was purchased by fashion brand Oh Polly.
The other property is a multi-tenant building measuring 2,442 square feet at 7975-7977 Melrose Ave., currently occupied by popular optical shop MOSCOT and clothier Vettese Studios. This parcel also includes an additional building measuring 625 square feet to the north on the same parcel at710 N.EdinburghAve., which is occupied by trendy neighborhood coffee shop Community Goods.Itwaspurchasedbyalocalinvestorwho planstooperateitasaleasedinvestment.
According to Sachse,”These sales are significant because they involve highly desirable assets that have been held onto for generations.” He further added that he has been representing properties in this submarket for over three decades,and owners typically do not sell their investments easily due to its prime location along fashionable retailers’ coveted address -Melrose Avenue.He expressed satisfaction with achieving over $1000 per square footinthesalesofthesehigh-profileproperties.
