Regal Ventures, a real estate investment firm headquartered in New York City, has acquired 8500 Sunset Blvd., a 37,900-square-foot retail condo and 178-space parking garage in West Hollywood, California.
The property is located on the city’s Sunset Strip and is 100% occupied with a roster of five tenants: the flagship store of Fred Segal, an American clothing and accessories retail brand; Kith, a New York-based retailer offering premium apparel and footwear; Rumble, a boutique boxing fitness chain; Tesse, a Bill Chait-branded restaurant and wine lounge; and Tia, a female-focused healthcare company.
The purchase price and the identity of the seller were not disclosed.
“Our analysis indicates that retail is positioned to be a big winner through the next cycle as it will continue to benefit from strong market fundamentals,” said Alex Smith, the firm’s co-founder and managing partner. “While tenant demand remains strong, supply will remain constrained as new construction remains low due to higher interest rates and building costs. We feel it’s an opportune time to be acquiring retail assets in this category.”