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.