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5/11/16
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Canadian retail investment firm CormackHill LP recently purchased the iconic Fred Segal retail property at 8100 Melrose Ave, at the southwest corner with Crescent Heights Blvd in Los Angeles. The property sold for $43 mil, or over $1,500/sf.
George Smith Partners’ David Rifkind and his team arranged financing for the acquisition. The loan has a sub-3% floating rate with prepayment flexibility.
Originally constructed in 1965, the 28k sf building is no longer occupied by Fred Segal, although the retailer still maintains their iconic signage at the property. Currently, five tenants fully occupy the building, which is located just outside the border with West Hollywood and east of Beverly Hills.
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