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Kennedy Wilson Completes Portfolio Sale on Melrose Avenue
Kennedy Wilson Brokerage finalized the sale of 7955-7959 Melrose Ave., 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 VPs Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP.
The 7955-7959 Melrose sale represents the last of three high-profile assets sold by a local investor in the submarket. 8001 and 7975-7977 Melrose Ave, were sold in January of this year for $6.85 million by the same team.
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.
- ◦Sale/Acquisition
