Kenneth Bernstein Of Acadia Realty Trust Purchases Retail Property On Melrose Avenue For $29M

Acadia Realty Trust acquired a retail property located at 8800–8804 Melrose Avenue in West Hollywood, CA for $29 million. The property spans 4,000 square feet, resulting in a price per square foot of $7,250. The building is currently occupied by luxury fashion brand Jacquemus under a lease agreement that extends through 2030.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $29,000,000
• Square Footage: 4,000
• Price per Square Foot: $7,250
• Buyer: Kenneth Bernstein - Acadia Realty Trust
• Seller: Jason Illoulian - Faring Capital; Cobby Pourtavosi - Capital Insight; Ponya Abdi - Parallel Acquisitions
• Brokers: Jay Luchs - Newmark; Carine Mamann - Cushman & Wakefield

This transaction involved notable players in the real estate market, with Kenneth Bernstein representing Acadia Realty Trust in the acquisition. The sellers, encompassing Jason Illoulian, Cobby Pourtavosi, and Ponya Abdi, are associated with leading firms in the property sector. The deal was facilitated by experienced brokers Jay Luchs from Newmark and Carine Mamann from Cushman & Wakefield, who managed the intricacies of the transaction.