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.”
