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Just days after we broke the news that the last of Fred Segal Santa Monica was closing, we've just received exclusive word that Fred Segal's legendary 29,000-square-foot building at 8100 Melrose Avenue, has just been purchased in a landmark deal. But don't worry, Fred Segal isn't closing up shop.
The sale was negotiated for an undisclosed amount by Ed Sachse—executive managing director of global real estate investment and services firm Kennedy Wilson—and the buyer is international retail real estate investor, CormackHill, LP.
"This was the first time in over 40 years that this high profile property had been on the market. We experienced incredible interest from all types of buyers—local to international and private capital to institutional," Sachse tells Racked LA. "CormackHill was drawn to this property for its prime retail location in the famed Melrose Heights shopping district and iconic location as the original epicenter of high fashion in Los Angeles."
Sachse adds that, "at this time, they have no plans to convert the property to mixed-use. Instead, their focus is to maintain high fashion at the Fred Segal location at 8100 Melrose Avenue and continue to improve the offerings and services provided at Fred Segal Melrose. In light of Fred Segal Santa Monica's closing, we encourage the community to visit Fred Segal at 8100 Melrose as the new ownership looks forward to servicing the community for years to come."
Let's hope the new owner sticks to this promise.