Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, Ltd., announced the sale of 7955-7959 Melrose Avenue, a 2,933-square-foot multi-tenant retail building, for $2.175 million, completing a Melrose Avenue portfolio sale in excess of $9 million.
The property was sold by President Ed Sachse and Assistant Vice Presidents Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP, and represents the last of three high-profile assets sold by a local investor in the submarket. 8001 and 7975-7977 Melrose Avenue were sold in January of this year for $6.85 million by the same team. The entire portfolio generated over $9 million for the seller.
The three-tenant, in-line retail building at 7955-7959 Melrose Ave. was marketed as a rare, generational opportunity to purchase a meaningful commercial property in a high-barrier-to-entry market. The property is the Los Angeles home to London-based jeweler The Great Frog and was purchased by a private investor.
“We achieved just under $1,000 per square foot on these three assets – including second level space – for our client despite a market wide slowdown in sale transactions,” said Sachse in a statement. “Our team found qualified buyers with strong motivation to be in the submarket who were willing to pay all cash. With the cost of capital rising, buyers are more cautious, so brokers have a larger role to play in matching the right opportunity with the right investor.”
The three Melrose Avenue assets are located in CoStar’s West Hollywood retail submarket, where the average market sale price per square foot is stated as $864.
