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April 23, 2019
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West Hollywood Retail Asset Trades for Over $2,000/sf


L3 Capital LLC, a Chicago-based investment group firm, in a joint venture with Guggenheim Real Estate, has purchased a fully leased 11.3k sf retail building in West Hollywood for $22.9 mil ($2,026/sf). The single-story building, which sits on a 16.9k sf land parcel at 8420-8430 Melrose Ave in the city’s Design District, has three retail spaces.

High-end tenants at the property include: Theory, a New York-based men’s and women’s contemporary fashion label selling clothes and accessories; Dash, a one-stop contemporary women’s boutique selling clothing, accessories, and footwear owned and operated by the Kardashian sisters Kourtney, Khloé, and Kim; and the luxury home décor retailer Serena & Lily. The property also includes 18 parking spaces.

David Ickovics with Commercial Asset Group represented the seller, American Commercial Equities LLC, of Malibu. Carine Mamann and Kazuko Morgan of Cushman & Wakefield repped the buyer.

“This trophy asset was attractive because of its notable tenants as well as its location in one of Los Angeles’ hottest shopping districts, said Ickovics. “The property is surrounded by noteworthy, highly recognizable brands in every direction including Rag & Bone, Lulu Lemon, Restoration Hardware, Rachel Zoe and Marc Jacobs, not to mention multi-million-dollar homes, condos and high-end rental units.”

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