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8/07/18
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An iconic retail property in the heart of L.A.’s thriving La Brea neighborhood sold for $4.1 mil, or $804/sf. The 5.1k sf building is located at 819 North La Brea Ave, a block or so north of Melrose Ave.
Built in 1928 as a ribbon factory and renovated in 2015, the single-tenant property currently includes an enclosed courtyard and gated parking lot with 19 spaces, and 105 feet of frontage on La Brea Ave. The property, currently occupied by fashion designer Rick Owens’ West Coast retail flagship store, was designed by visionary architect Anna Tumaini as a Hollywood setting that Owens called “Cecil B. DeMille-worthy.”
Christopher Bonbright and Brandon Mason with Avison Young represented the seller, the Flora M Kinyon Trust, as well as the buyer, Santa Monica Corridor LLC.
“The boutique shops on the blocks of La Brea close to Melrose Avenue are in a popular L.A. retail destination, with a creative fashion and film ambiance influenced by the many studio production facilities in the nearby Hollywood Media District,” comments Mason. “With the influx of new developments and large office users, many young professionals who are moving to this area are generating demand for exciting retail choices.”
The numerous restaurants in the area include Jones, Spoonfed, Rao’s, La Brea Bakery, and Bludso’s Bar & Que. The property, adjacent to West Hollywood and Hancock Park, is ideally located for multiple uses in the years to come.
Bonbright adds: “This retail flagship for Rick Owens has been a big success for the brand and is an ideally positioned, net-leased investment for the near and long terms. Rent rates are continuing to rise along La Brea, fueled by a tremendous amount of residential and retail development.”
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