A joint venture of Guggenheim Real Estate and L3 Capital, a Chicago-based investment firm, has bought an 11,300-square-foot retail property at 8420-8430 Melrose Ave. in West Hollywood for $22.9 million from American Commercial Equities, a Malibu-based limited liability company.

The fully-leased single-story building houses three retail spaces for luxury retailers including apparel shops Theory and Dash, and luxury home décor company Serena & Lily.

“This trophy asset was attractive because of its notable tenants as well as its location in one of Los Angeles’ hottest shopping districts,” said David Ickovics, a principal at Commercial Asset Group, who represented the seller, in a statement.

The property is located near the Beverly Center and the Pacific Design Center.

Guggenheim Real Estate’s local office is based in Santa Monica. It also has offices in New York and London.

Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.