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EAST HAMPTON, NY-Los Angeles-based buyer, Ross Hilton Kemper has purchased a prime retail building with street fronts on both Park Place and Main Street in East Hampton, NY. The property, located in the heart of East Hampton’s most exclusive shopping quarter with such neighbors as Tiffany & Co., Gucci, and Ralph Lauren, closed at a purchase price close to $12.5 million.

East Hampton, with its lavish oceanfront estates and illustrious residents, is at the top of real estate records in the United States with a home just selling at the highest price ever paid for a residential property, according to a statement.

Mike Hiles, a spokesman for Ross Hilton Kemper tells GlobeSt.com that, “Kemper’s first objective is to invest in the top tier locations within the best cities of North America and Europe. His next criteria, is to seek properties that are occupied by luxury brand retailers.”

This acquisition will join a significant and growing portfolio of real estate investments by Kemper. A portion of his assemblage includes a building on San Francisco’s Stockton Street in the center of the city’s Union Square shopping district, and over 50,000 sf of retail space in Chicago’s landmark Palmolive Building, located along the renowned North Michigan Avenue shopping district prominently known as the Magnificent Mile.

Hiles says Kemper is actively pursuing core assets that in some instances are located in areas that have been strong for 100 years and will continue to be great for another 100 years. “Kemper believes that that there will always be the desire for luxury, hence the need for luxury retail,” he says. “This latest acquisition in East Hampton is in precise keeping with Mr. Kemper’s investment philosophy.”

A new tenant lease agreement for the East Hampton property is presently being negotiated.

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