Iconic Fred Segal Property Trades Hands

Fred Segal is located at 8100 Melrose Ave. in Hollywood.

LOS ANGELES— CormackHill has purchased the iconic Fred Segal retail property in Hollywood from a private investor operating as 8100 Melrose LLC . This is the first time that the property has come to market and the first time that it has traded hands since Fred Segal, who developed the property, sold it to the selling entity 40 years ago. The purchase price of the property was not disclosed. “The seller has owned the property for the last 15 years, and the family decided to focus on their primary business,” Ed Sachse , executive managing director of the brokerage group at Kennedy Wilson , tells GlobeSt.com. “I don’t believe that this indicates any type of broader trend. This sale was really only predicated because the ownership was really ready to move on. I don’t think that it had anything to do with any market trends.” Sachse represented the seller and the buyer in the transaction, along with EVP Fred Cordova and senior associate Michael Puleo . Sachse brought the property to market and received a fervent response from the investment community, garnering more than a dozen offers for the property from a mix of international, institutional and private investors. It really caught a lot of attention in the market,” adds Sachse. “It has never really been on the market before, so the opportunity for the investment community to purchase such an iconic property was very unique.” The ultimate buyer had retail knowledge, a strong bid and certainty of close, all of which provided a winning formula. “I do believe the right buyer purchased the property,” says Sachse. “This property caught their attention based on the iconic nature of the property at 8100 Melrose. The buyer was chosen based on a combination of things. He was very experienced in understanding retail properties and retailers. Of course, the economic terms of the purchase were favorable, and the buyer’s ability to close was extremely strong.” Located at 8100 Melrose Ave. in Hollywood, the property has 29,000-square-feet of retail space and a 102-car parking lot. The brand’s Santa Monica location is currently closed for renovation, making this the only Fred Segal shopping experience in the L.A. market.