Regal Ventures, a New York City-based real estate investment firm, has recently acquired 8500 Sunset Blvd., a retail condo and parking garage in West Hollywood. The purchase price and seller’s identity have not been disclosed.
The property boasts a fully occupied retail component with five diverse tenants: Fred Segal, Kith, Rumble, Tesse (a Bill Chait-branded restaurant), and Tia (a female-focused healthcare company).
According to Alex Smith, co-founder and managing partner of Regal Ventures,”Our analysis indicates that the retail sector is poised for success in the upcoming cycle due to strong market fundamentals. With high tenant demand but limited supply due to interest rates and building costs remaining low for new construction projects , we believe now is an ideal time to acquire assets in this category.”
The sale was arranged by Cushman & Wakefield’s executive vice chair Marc D. Renard-led team last month.
