JLL closes $35M sale of mixed-use asset on Los Angeles’ Melrose Avenue
The 2-building assemblage comprises high-street retail and creative office space
LOS ANGELES, July 19, 2019 – JLL announced today that 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. 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.
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Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in West Palm Beach, Florida. Visit http://sterlingorganization.com to learn more.