Kennedy Wilson Brokerage has successfully closed the sale of a multi-tenant retail building located at 7955-7959 Melrose Ave. for $2.175 million, as part of a larger portfolio sale on Melrose Avenue totaling over $9 million. The property was sold by President Ed Sachse and Assistant VPs Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP.
This transaction marks the final sale in a series of three high-profile assets sold by a local investor in the submarket. In January earlier this year, 8001 and 7975-7977 Melrose Ave were also sold for $6.85 million by the same team.
The rare opportunity to acquire this three-tenant retail building was marketed as an attractive investment in an area with limited availability for commercial properties. Notably, it is home to London-based jeweler The Great Frog’s Los Angeles location and was purchased by a private investor.
According to Sachse, “Despite market-wide slowdowns in sales transactions, we were able to achieve just under $1,000 per square foot on these three assets – including second level space – for our client.”
