"While developer Zach Vella was negotiating the recent purchase valued at about $30 million, former child stars turned fashion designers Mary-Kate Olsen and Ashley Olsen agreed to rent space in his three-building complex in the 8400 block of Melrose Place for the first outlet of their luxury apparel line, the Row."
"We have several hundred million [dollars] to invest and we are looking at the best locations to invest in. VE Equities is looking primarily at high-end retail properties and office buildings. We really like the Sunset Strip area."
"When the Olsens open their store in March, their neighbors will include French fashion house Chloe. Also in the complex is a salon for Violet Grey, a beauty line recently launched by Cassandra Grey, wife of Paramount Chief Executive Brad Grey."
Developer Zach Vella's company VE Equities acquired a three-building complex on Melrose Place in West Hollywood for approximately $30 million. The property has secured high-profile tenants including Mary-Kate and Ashley Olsen's luxury apparel line the Row, which will open in March, alongside French fashion house Chloe and Violet Grey beauty line. Vella, whose company previously developed luxury condominiums in Manhattan, plans significant expansion in Los Angeles real estate. VE Equities has several hundred million dollars available for investment, focusing on high-end retail properties and office buildings, particularly in the Sunset Strip area. Los Angeles's less competitive real estate market compared to New York presents attractive investment opportunities.
Read at Los Angeles Times
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