Regal Ventures Acquires Leased Retail Property On Sunset Strip In West Hollywood For $30M

The retail property involved in this transaction is located at 8500 Sunset Boulevard in West Hollywood. It was sold for a price of $30,000,000 and spans an area of 37,900 square feet, translating to a price per square foot of $792. This asset is fully leased and features prominent flagship stores for Fred Segal and Kith.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $30,000,000
• Square Footage: 37,900
• Address: 8500 Sunset Boulevard
• Market: West Hollywood
• Seller: Shaul Kuba - CIM Group
• Landlord: Alex Smith - Regal Ventures

Regal Ventures, a New York-based investment firm, acquired the property from CIM Group as part of a strategic focus on retail investments in major metropolitan areas. This acquisition reflects the strong market fundamentals of the retail sector and the constrained supply resulting from factors such as higher interest rates and rising building costs.