A JV of L3 Capital LLC and Guggenheim Real Estate has acquired an 11,295 SF retail building on Melrose Avenue in West Hollywood from Malibu-based American Commercial Equities LLC for $22.9M.
The single-story building at 8420-8430 Melrose Ave. sits on 16,905 SF in the West Hollywood Design District.
The building has three retail spaces fully leased to high-end fashion retailers — luxury home decoration retailer Serena & Lily, New York-based men and women's contemporary fashion label Theory and the Kardashian sisters' women's boutique Dash.
“This trophy asset was attractive because of its notable tenants as well as its location in one of Los Angeles’ hottest shopping districts," Commercial Asset Group principal David Ickovics said in a news release.
Ickovics represented the seller in the transaction. Cushman & Wakefield's Carine Mamann and Kazuko Morgan represented the buyer.
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SALES
An undisclosed LLC has purchased a 16-unit apartment building in Beverly Hills from a private trust for $6.2M. Built in 1928, the 8,800 SF property at 121 South Elm Drive is near Rodeo Drive and the Beverly Hills Golden Triangle. It sold for $705/SF. Keller Williams’ The Soroudi Team of Hamid Soroudi and Ashkon Moradi represented the buyer and seller.
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Karmel Holdings LLC has purchased a 6,524 SF office property at 470 South San Vicente Blvd. in Los Angeles from an undisclosed partnership for $4.7M. Marcus & Millichap’s Brandon Michaels and Glen Scher represented the buyer and seller.
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PLETA Trust has sold a 15,337 SF industrial building at 10805 Artesia Blvd. in Cerritos to an undisclosed buyer for $2.7M. Lee & Associates’ Pat Delaney represented the buyer. Voit’s Mike Hefner represented the seller.
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An undisclosed private seller has sold a 16,344 SF industrial building at 16001 Manning Way in Cerritos to OTA America LLC for $3.3M. Lee & Associates’ Christopher Destino represented the seller. Daum’s Sam Chu represented the buyer.
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Ferguson Property Enterprises LLC has purchased a 13,356 SF industrial building at 9070 Dice Road in Santa Fe Springs from an undisclosed seller for $2.99M. Lee & Associates’ Christopher Destino represented the buyer. Newmark Knight Frank’s Mark Gleason represented the seller.
LEASES
New-Indy Tripaq has signed a lease to occupy 44,172 SF of industrial space from Megaland Enterprises at 12765 166th St. in Cerritos. New-Indy Tripaq will utilize the space for overflow support of its other Cerritos facility on Shoemaker Avenue. Terms of the deal were not disclosed. JLL’s Cameron Driscoll and Luke McDaniel represented New-Indy Tripaq. CBRE represented the landlord.
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EXECUTIVE NEWS
Commercial real estate veteran Derek Landry has joined JLL Capital Markets as executive vice president. Landry will be responsible for office investment sales in Southern California. Prior to joining JLL, Landry served as a managing director at CBRE.
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