Retail building on Larchmont sold
A retail building on the corner of Larchmont Boulevard and Melrose Avenue recently was sold to real estate investment and development company MCAP Partners for $6.3 million.
The building was home to several long-time Larchmont businesses, including Ampersand Boutique, Artworks Studios and Floret Floral Design.
According to MCAP Partners Executive Vice President Alexander Massachi, the company plans to keep the original structure, built in 1925, which now will be called Larchmont Place.
“We are repositioning Larchmont Place as a high street retail destination through renovation and re-tenanting,” Massachi told the Chronicle.
The new owners tapped Abramson Teiger Architects to update the design using the existing charm and integrity of the 11,946-square-foot two-story building. A rendering shows a white exterior color scheme with red decorative tiles around the windows.
The family-owned MCAP Partners is based in Hollywood, and Massachi, who is the son of the firm’s founder, serves as a board member on the Central Hollywood Neighborhood Council.
When MCAP first purchased the building, Massachi says that it offered all the current tenants new leases at market rents. “Some tenants have already renewed their leases,” he said. When asked about any new tenants, Massachi explained that his firm has not yet begun to market the building, but that he expects new marketing materials to be completed this month.
Floret Floral is among the businesses that have renegotiated their leases. Ampersand Boutique, on the other hand, has already relocated to 7424 Beverly Blvd. The owner of Far Corners Antiques has closed up shop to retire.
The eponymous owner of the Stephanie Feury Studio Theatre, which occupies the second floor of the building, said that she has no plans to move: “My lease is not up so I will be staying here,” said Feury, who added: “We also are welcoming the Fringe Festival here in June for our fifth year, and I’m happy to say that we will be hosting 18 productions for the festival.”
The Chronicle contacted Cyndi Finkle, co-owner of two businesses in the building — Artworks Studio and Coffee & Food — but Finkle declined to comment at this time.
On Larchmont Boulevard, jewelry repair among new shops
Majestic Time Piece has leased the former space of Hans Custom Optic at 419 N. Larchmont Blvd.
The longtime jewelry and repair shop at the Original Farmers Market wanted a larger space, acting leasing agent Julie Shin told us. The new store is expected to open this month.
Hans Fiebig, 90, recently retired, and his sons have relocated to other locations, their mother and Hans’ daughter Regina Fiebig told us.
Topikal CBD retail boutique is opening at 143 N. Larchmont, in the former Perverse Sunglasses space. Owners Gary and Greg Avetisyan will offer creams, oils, bath balms, tinctures and more made of cannabidiol (CBD).
CBD has been hailed as helping a host of medical problems from epileptic seizures to sleeplessness. It was Greg’s arthritis that inspired the business venture.
The Avetisyans opened their first store in Tarzana four years ago. The non-intoxicating marijuana extract is popular in states that have legalized medical marijuana. (The FDA has not tested the drug.)
In another Boulevard change, Mr. Holmes Bakehouse posted a sign in the window saying “Dear Larchmont… We’ve received an offer on this space and decided to take it.”
Mr. Holmes’ space has been subleased, we heard from an employee at the bakery’s Highland Park location. Owner Aaron Caddell did not return calls seeking comment.
Category: Real Estate
