The Kardashians are getting a new landlord in West Hollywood
A joint venture paid $23M for a Melrose Avenue retail property, home to Dash boutique
What do the Kardashian sisters and the Los Angeles Dodgers have in common? Besides plenty of bling in their rings — although the Dodgers have gone nearly 30 years without a World Series title — they now share a landlord.
Guggenheim Real Estate and Chicago-based L3 Capital paid $23 million for an upscale Melrose Avenue retail property home to Kardashian-owned clothing store Dash, the L.A. Business Journal reported Monday.
The seller was Malibu-based American Commercial Equities, which paid $11 million for the West Hollywood property just over a decade ago through an LLC. The 11,300-square-foot property at 8420-8430 Melrose Avenue is also home to retailers Theory and Serena & Lilly.
Guggenheim Real Estate is a branch of Guggenheim Partners, an investment and advisory firm with offices in Santa Monica, New York, and London. Guggenheim Partners counts the Dodgers and Dodger Stadium among its billions of dollars in assets. The firm has reportedly been shopping around the naming rights for Dodger Stadium — for around $12 million a year as of July — for the last year.
Sisters Kim, Khloe, and Kourtney Kardashian opened the store in 2012, moving their from their first location in Calabasas. They operate one other store in Miami. They closed a store in Manhattan in late 2016.
The sale comes out above $2,000 per square foot, but it’s not the largest high-profile retail sale recently in the area. LVMH paid $110 million for a one-story retail property a few miles away on Rodeo Drive in Beverly Hills late last month. [LABJ] – Dennis Lynch