Marcus & Millichap Inc.
04/29/2024 | Press release | Distributed by Public on 04/29/2024 14:35
Marcus & Millichap Completes $27 Million Sale of Two Iconic West Hollywood Nightspots
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Marcus & Millichap Completes $27 Million Sale of Two Iconic West Hollywood Nightspots
April 29, 2024
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WEST HOLLYWOOD, Calif., April 29, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $27 million sale of The Abbey Food & Bar and The Chapel at The Abbey in West Hollywood, California.
"An agreement was reached with both parties in November 2023 and now the sale of these two iconic assets is complete," said Brandon Michaels, senior managing director investments in Marcus & Millichap's Encino office. "Over the course of 33 years, the seller transformed a small coffee shop into The Abbey Food & Bar, a world-renowned bar, restaurant, and event venue, and opened its sister location, The Chapel at The Abbey." Michaels and Matthew Luchs, first vice president investments represented the seller, David Cooley, and procured the buyer, Tristan Schukraft. "New ownership plans to continue and build upon the legacy of these landmark West Hollywood nightspots," said Luchs.
The Abbey Food & Bar and The Chapel at The Abbey are located on neighboring parcels just south of the signalized corner of N Robertson Boulevard and Santa Monica Boulevard, close to the Pacific Design Center and newly renovated West Hollywood Park. Retailers, restaurants, and other entertainment venues are nearby, including The Comedy Store, Troubadour, RH West Hollywood, The Roxy Theatre, Laugh Factory, and Whiskey a Go Go.
"An agreement was reached with both parties in November 2023 and now the sale of these two iconic assets is complete," said Brandon Michaels, senior managing director investments in Marcus & Millichap's Encino office. "Over the course of 33 years, the seller transformed a small coffee shop into The Abbey Food & Bar, a world-renowned bar, restaurant, and event venue, and opened its sister location, The Chapel at The Abbey." Michaels and Matthew Luchs, first vice president investments represented the seller, David Cooley, and procured the buyer, Tristan Schukraft. "New ownership plans to continue and build upon the legacy of these landmark West Hollywood nightspots," said Luchs.
The Abbey Food & Bar and The Chapel at The Abbey are located on neighboring parcels just south of the signalized corner of N Robertson Boulevard and Santa Monica Boulevard, close to the Pacific Design Center and newly renovated West Hollywood Park. Retailers, restaurants, and other entertainment venues are nearby, including The Comedy Store, Troubadour, RH West Hollywood, The Roxy Theatre, Laugh Factory, and Whiskey a Go Go.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.