WEST HOLLYWOOD, Calif., –– Cushman & Wakefield announced the firm has advised the sale of a freestanding single-tenant retail building in West Hollywood, California for $24 million. Located at 8833 Beverly Blvd, the single-story property totals 9,757 square feet and is fully leased to Luxury Living.
The joint venture of Acadia Realty Trust and Osiris Ventures acquired the asset. Kazuko Morgan, Carine Mamann, and Steve Algermissen with Cushman & Wakefield represented the seller in the transaction.
“We are pleased with the sale of this strong, stable asset in the heart of the West Hollywood Design District and which is supported by an exceptional tenant,” said Carine Mamann, Executive Director. “The residential growth and development in 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.”
“This transaction reflects the ongoing demand from investors (as well as occupiers) for quality retail assets in great locations, and as fundamentals in the retail real estate sector continue to strengthen overall, regionally and across the country,” added Kazuko Morgan, Vice Chairman.
