JV Picks Up Rodeo Drive Retail Building for $96M
A joint venture, led by Michael Shabini of Crown Equity, has scooped up a retail property on Rodeo Drive for $96 million, according to a release from Cushman & Wakefield.
At $8,240 per square foot the purchase of 457-459 North Rodeo Drive is one of the highest prices per square foot for a retail deal this year.
The venture, also including Hakim Holdings, GWP Real Estate and Mazal Enterprises, acquired the property from Lang & Lang Properties. Dembo Realty represented the seller.
Carine Mamann, Kazuko Morgan, and Stephen Algermissen from C&W represented the buyer group in the transaction.
The 11,625-square-foot retail building is home to Italian menswear retailer Brioni and British luxury fashion house Alexander McQueen.
“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 percent leased to Kering brand luxury tenants,” Mamann said in the release.
The property features 50 feet of frontage on Rodeo Drive, where rents can run $875 to $1,000 per square foot per year, according to C&W.
In a deal that topped the charts, LVHM acquired a 7,634-square-foot parcel at 456 North Rodeo Drive in March for $110 million, or a whopping $17,750 per square foot, doubling the price the Sterling Organization paid just the day before, as Commercial Observer previously reported.