Fred Segal building on Melrose is sold to investor
Los Angeles, CA – (RealEstateRama) — Global real estate investment and services firm Kennedy Wilson negotiated the sale of 8100 Melrose Ave. in Los Angeles, California, a 29,000-square-foot building best known as Fred Segal, a well-known icon in the fashion world, on behalf of the seller. The buyer is retail real estate investor, CormackHill, LP.
The Kennedy Wilson team, led by Ed Sachse, executive managing director of the brokerage group, represented the seller, 8100 Melrose Associates, LLC, as well as the buyer, and included Fred Cordova, executive vice president and Michael Puleo, senior associate.
“This was the first time in over 40 years that this high profile property had been on the market. We experienced incredible interest from all types of buyers – local to international and private capital to institutional,” said Sachse. “CormackHill was drawn to this property for its prime retail location in the famed Melrose Heights shopping district and iconic location as the original epicenter of high fashion in Los Angeles.”
In addition to the expansive retail and restaurant space at 8100 Melrose Ave., which currently houses tenants such as Ron Herman and Ron Robison, both protégées of Fred Segal himself, the site includes a 102-space parking lot, a rarity for its location in the Melrose Heights dense retail sector. Melrose Heights is bordered by many shopping and fashion districts, including the famed Robertson Boulevard, Melrose Place, The Grove and the soon-to-be remodeled Beverly Center.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit www.kennedywilson.com.