10:30 AM
Newmark has announced the sale of 8436-8452 Melrose Place, a collection of irreplaceable retail real estate, located on the exclusive and internationally sought after Melrose Place shopping corridor.
Newmark Vice Chairman Jay Luchs represented the buyer, Acadia Realty Trust (NYSE: AKR), and the seller, 810-VE Melrose LP, in the transaction. This transaction represents Acadia’s first acquisition in Los Angeles, and one that complements its existing portfolio of top retail assets across the nation’s leading street and urban retail corridors.
“We’re excited to add the Melrose Place portfolio to our existing portfolio of best-in-class urban and street retail,” noted Acadia Realty Trust CEO and President Kenneth Bernstein. “In our evolving retail landscape, Melrose Place’s dynamic and complementary mix of fashion, food, and service has enabled its retailers to create a unique presence in Los Angeles and one that is highly differentiated from other top shopping corridors. We’re thrilled to now be part of it.”
The Melrose Place portfolio features distinguished and influential brands including The Row, Oscar de la Renta, Violet Grey, Chloe, Melanie Grant and L’Agence.
“This is one of Los Angeles’ most charming and sought-after properties, located on one of the best fashion retail streets in the city. It’s a very special property and I congratulate Acadia in their purchase,” stated Luchs.
According to Luchs, retail brands are very careful about where they locate. Today more than ever, location is more than a store, as the street must also reflect the aesthetics and identity of the brand. “Tenants are migrating away from malls for more creative control over brand identity and individuality. This portfolio and its Melrose Place address represent that trend very well,” added Luchs.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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