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September 17, 2019
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LOS ANGELES COUNTY NEWS
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Sterling Organization Pays $35 Mil for Melrose Crossing

7/23/19

Melrose Crossing, a two-building, 24.5k sf assemblage of high-street retail and creative office space just outside West Hollywood, sold for $35 mil. The buildings are located at 8378-8380 and 8379 Melrose Ave, positioned across Melrose from each other.

The property at 8378-8380 Melrose Avenue houses 15.2k sf of creative office space and 6.2k sf of retail space. The 8379 Melrose Ave building contains 3.2k sf of retail and a billboard generating advertising revenue. Current tenants at the property include Rachel Zoe, Electric Feel and Casper.

Located at the intersection of Melrose Ave, Melrose Place and Orlando Ave, the buildings are visible to approximately 33,000 vehicles per day and positioned on two hard corners across the street from one another. The immediate trade area surrounding the assemblage is both affluent, with average household incomes within a three-mile radius exceeding $124,000, and densely populated, with more than 272,000 people live within a three-mile radius.

The asset was acquired by Sterling Organization, who was repped by Geoff Tranchina with JLL Capital Markets. The seller was represented by Bryan Ley and Tony Ensbury, also with JLL.






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