Kennedy Wilson Brokerage has sold two retail properties on the northwest and northeast corners of Melrose and Edinburgh avenues in Los Angeles for a total of $6.85 million. Representing three buildings on two parcels located at 8001 and 7975-7977 Melrose Ave., the assets were sold by president Ed Sachse and assistant VPs Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP in two separate transactions.
The vacant, 3,355-square-foot single-tenant building at 8001 Melrose Ave. was marketed as an owner-user opportunity and purchased by fashion brand Oh Polly. The 2,442-square-foot asset at 7975-7977 Melrose Ave. is occupied by popular optical shop MOSCOT and clothier Vettese Studios, and includes an additional 625-square-foot building to the north on the same parcel at 710 N. Edinburgh Ave., occupied by trendy neighborhood coffee shop Community Goods. It was purchased by a local investor who plans to operate the asset as a leased investment.
“These sales are significant because they represent the transfer of two generational assets,” said Sachse. “I’ve represented property in this submarket for over 30 years and owners tend to hold on to their investments. Melrose Avenue is a coveted address for fashionable retailers and these properties are high profile. I’m glad we were able to achieve over $1,000 per square foot.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).