Fred Segal’s iconic Melrose Avenue store has been sold for $43 million to CormackHill, a Canadian retail investment firm, the L.A. Business Journal reported.
It’s the first time the 29,000-square-foot property, at 8100 Melrose, has been on the market in more than 40 years.
Beverly Hills real estate investment firm Kennedy Wilson brokered the deal.
“We experienced incredible interest from all types of buyers – local to international and private capital to institutional,” Ed Sachse, executive managing director for Kennedy Wilson, told the Journal. “CormackHill was drawn to this property for its prime retail location in the famed Melrose Heights shopping district and iconic location as the original epicenter of high fashion in Los Angeles.”
Fred Segal will remain at the building. [LABJ] – Katherine Clarke