Originally published on April 11, 2016 - Excerpt
"Rates on Abbot Kinney are not that far off from those of Melrose Place and Third Street Promenade, which range from $15 to $20 a square foot. Rents have been high on those other streets,” Deschaine said. “Obviously, national and regional brands can sustain higher rents, but sometimes it’s not just the rent. It’s what are you selling and are you getting people in the door and pricing your product right as well?”
Originally published on March 24, 2016 - Excerpt
“The seller has owned the property for the last 15 years, and the family decided to focus on their primary business,” Ed Sachse, executive managing director of the brokerage group at Kennedy Wilson, tells GlobeSt.com. “I don’t believe that this indicates any type of broader trend. This sale was really only predicated because the ownership was really ready to move on. I don’t think that it had anything to do with any market trends.” Sachse represented the seller and the buyer in the transaction, along with EVP Fred Cordova and senior associate Michael Puleo.
Originally published on March 23, 2016 - Excerpt
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."
Originally published on February 5, 2016 - Excerpt
Looking for a healthy and tasty food joint in Venice? Look no further, because Yellow Fever is coming to 2570 Lincoln Blvd. in the Plaza Marina shopping center. Yellow Fever dishes up Asian-inspired customizable bowls with non-GMO, locally grown ingredients.
Kennedy Wilson’s Michael Pakravan and Ed Sachse negotiated a 10-year lease on behalf of Yellow Fever, while also representing the landlord, Quiet Lion 7, LP.
Pakravan says “Consumers are looking for food that is much more visual… there still remains a need for personalized, healthy Asian-inspired cuisine, and Yellow Fever’s innovative offerings fill a niche that Southern Californians are craving.”
Originally published on February 8, 2016 - Excerpt
A $37.5 million deal last month for a pair of decades-old buildings showcased investors' healthy interest in Pasadena's medical office market. Meridian Property Co., a Bay Area developer that specializes in health care-related properties, paid slightly more than $325 a square foot for the two buildings that comprise the Cotton Medical Center at 50 Alessandro Place and 50 Bellefontaine St., according to real estate information firm CoStar Group Inc. That price was about 20 percent higher than what the group of doctors that sold the complex expected to receive, said Fred Cordova, executive vice president at Beverly Hills brokerage Kennedy Wilson, which represented the doctors. The deal, which closed Jan. 29, marks the first time the complex has traded hands. "They go back to an era when doctors really wanted to control their destinies and built these types of buildings," Cordova said.
Originally published on February 2, 2016 - Excerpt
Originally published on January 25, 2016 - Excerpt
The panel discussing the project was moderated by South Park BID executive director Jessica Lall, and included some of the project's key players: Kennedy Wilson executive managing director Ed Sachse; Kennedy Wilson senior associate Justin Weiss; RTKL senior associate VP Mark Nay; and RTKL SVP Daun St. Amand.
Originally published on December 22, 2015 - Excerpt
This may be the season for giving, but for Kennedy Wilson SVP Christine Deschaine, the spirit of giving never takes a holiday. Besides volunteering with local organizations throughout the year, she's applying her commercial brokerage expertise toward community development in Africa. Since 2009, Christine has made annual trips to the village of Kihura in Uganda, as part of a team of professionals formed through a company out of Tennessee, African Leadership. "Everyone has an expertise on the team," she notes, including teachers, physicians and lawyers. Working with local community leaders, the team strives to end extreme poverty through the creation of local businesses. Here's where Christine's skills as a retail broker really shine (though normally she plies her profession in urban areas such as Burbank, Santa Monica and Culver City). In Kihura, her job is to see what businesses could thrive in certain markets and where to locate them, whether it's selling coffee and doughnuts or wedding gowns. "Being in commercial real estate, you understand what might work and what might not work based on the population."
Originally published on November 11, 2015 - Excerpt
Density is coming to Los Angeles. The once sprawling city is seeing vertical development and mixed-use complexes that other cities have had for years. In response, retailers are opening up multiple locations in a single submarket to increase market share and control the path of travel. Many of these stores are less than a mile apart from each other and are fully stocked and fully operational outlets. It is a trend Lee Shapiro, EVP of brokerage at Kennedy Wilson is seeing more and more. He says that clients are frequently asking for second or third locations in a submarket where they already have a presence. To find out more, we sat down with him for an exclusive interview. Here he tells us about this new retail strategy.
Originally published on October 9, 2015 - Excerpt
Silicon Valley-based Stratford School is set to open its first Los Angeles facility following the acquisition of a 1.2-acre campus in Hollywood. Senior Vice President Christine Deschaine and Executive Vice President Fred Cordova of Kennedy Wilson's brokerage division arranged the sale on behalf of the seller, Tekeyan Cultural Association.