Rodeo Drive Retail Building In Beverly Hills Sells For $96M
A Rodeo Drive retail building that houses Italian menswear retailer Brioni and British luxury fashion house Alexander McQueen has sold for $96M.
A JV of Crown Equity, Hakim Holdings, GWP Real Estate and Mazal Enterprises purchased the 11,625 SF building at 457-459 North Rodeo Drive from Lang & Lang Properties LLC. The $8,240/SF price tag is one of the highest prices per square foot for a retail sale in Los Angeles this year, according to brokers.
Cushman & Wakefield’s Carine Mamann, Kazuko Morgan and Stephen Algermissen represented the buyer in the transaction.
“Rodeo Drive is one of the most prestigious streets in the world and it is very rare that an investor has an opportunity to buy a building that is 100% leased to Kering brand luxury tenants,” Mamann, a Cushman & Wakefield senior director, said in a news release. Kering is the parent company of high-end brands Brioni, Alexander McQueen, Balenciaga and others.
The Brioni and Alexander McQueen retail property in Beverly Hills is among the most expensive buildings sold along Rodeo Drive, a street known as an upscale and luxury shopping destination.
In 2015, Chanel spent $152M, or $13,217/ SF, to acquire a 11,500 SF retail building at 400 North Rodeo Drive. In 2016, LVMH, the parent company of Louis Vuitton, purchased a 6,200 SF retail building at 295 North Rodeo Drive for $122M, or $19K/ SF.
Monthly rents along Rodeo Drive average $875 to $1K/SF, according to Cushman & Wakefield.
The Brioni and Alexander McQueen building features 7,150 SF of ground-floor retail space, 600 SF on the mezzanine level and a 3,875 SF basement level.