Done Deals: JLL closes $35 million sale of mixed-use asset on Los Angeles’ Melrose Avenue

Sunday, July 28, 2019

JLL closes $35 million sale of mixed-use asset on Los Angeles’ Melrose Avenue

Melrose Crossing, a two-building, 24,549-SF assemblage of high-street retail and creative office space positioned across Melrose Avenue from each other in the heart of Los Angeles, California.

Bryan Ley

LOS ANGELES, CA – JLL announced it has closed the $35 million sale of Melrose Crossing, a two-building, 24,549-square-foot assemblage of high-street retail and creative office space positioned across Melrose Avenue from each other in the heart of Los Angeles, California.

JLL represented the seller in the transaction, and Sterling Organization purchased the asset.

The property at 8378-8880 Melrose Avenue houses 15,244 square feet of creative office space and 6,182 square feet of retail, and the 8379 Melrose Avenue building contains 3,222 square feet 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 Avenue, Melrose Place and Orlando Avenue, the buildings are visible to approximately 33,000 vehicles per day and positioned on two hard corners across the street from one another.

Geoff Tranchina

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 JLL Capital Markets team representing the seller was led by managing director Bryan Ley and associate Tony Ensbury. The JLL Capital Markets team representing the buyer was led by Geoff Tranchina, executive vice president of Capital Markets.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas is a licensed real estate broker with the California Department of Real Estate license #01223413.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.

Contacts:

Bryan Ley, JLL Managing Director

CA License: #01458927

Phone: +1 310 407 2120

Email: bryan.ley@am.jll.com

Kimberly Steele, JLL Digital Content/PR Specialist

Phone: +1 713 852 3420