Chanel's Record Rodeo Drive Purchase
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Luxury retailer Chanel has always been bold, and its purchase of 400 North Rodeo Dr in Beverly Hills is no exception. The $152M price of the 11.5k SF building set a record for a retail real estate sale—more than $13k/SF, reports the Wall Street Journal.
Chanel is one of the many retailers willing to shell out astronomical prices to sit in the shopping hub of a big city. According to Real Capital Analytics SVP Jim Costello, “That’s where the Millennials are. That’s where the customers are.”
Luxury retailers similar to Chanel, such as Cartier, Prada and Gucci are also on North Rodeo Drive. Ron Goldie, an LA-area attorney who worked with one of the families selling the property stated, “If it’s not the single best corner in Beverly Hills, anyone would list it in the top two or three. It’s highly visible.” [WSJ]