JV Acquires Single-Tenant Retail Asset in West Hollywood Design District
Cushman & Wakefield has advised on the US$ 24 million sale of a single-tenant retail building in West Hollywood to a joint venture company operated by Acadia Realty Trust and Osiris Ventures.
Located at 8833 Beverly Blvd, the 9,757 square foot, freestanding single-story property is fully leased to developer, producer and distributor of handmade high-end Italian furniture collections, Luxury Living Group.
Cushman & Wakefield Vice Chairman Kazuko Morgan and Executive Director Carine Mamann represented the seller in the transaction, supported by colleague, Steve Algermissen.
Mamann says: “We are pleased with the sale of this strong, stable asset in the heart of the West Hollywood Design District which is supported by an exceptional tenant.
“The residential growth and development of Los Angeles have driven demand for home furnishings. Beverly Boulevard, a main thoroughfare in West Hollywood, is home to many of the world’s top home furnishings brands and has continued to perform well through the pandemic.”
Morgan adds: “This transaction reflects the ongoing demand from investors, as well as occupiers, for quality retail assets in great locations as fundamentals in the retail real estate sector continue to strengthen overall, regionally and across the country.”
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