Beverly Hills Retail Shops Sell for $3,524 a Square Foot
By Nick Trombola August 30, 2024 12:50 pm
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Beverly Hills’ retail market continues to stand apart from the rest: A pair of retail assets in the ritzy enclave just sold for a price per square foot more than eight times the state average for such asset sales.
Beverly Hills-based One Cole Group paid $39.2 million, or $3,524 per square foot, for the two buildings totaling just 11,124 square feet. Germany-based asset management group DWS sold the mini-portfolio, dubbed North Beverly Drive Retail Collection after its address at 350-354 and 408-410 North Beverly Drive.
The retail properties are in Beverly Hills’ Golden Triangle, one of the most prominent retail districts in the country, anchored by the iconic Rodeo Drive one block from Beverly Drive.
The two Beverly Drive buildings are fully leased to fashion brands Maje, ALC and Alice + Olivia, as well as Nespresso and bookstore Taschen. The North Beverly Drive retail corridor also hosts nearby high-end seafood restaurant Avra and luxury grocery chain Erewhon.
Newmark (NMRK)’s Kevin Shannon, Jay Luchs, Rob Hannan, Ken White, Laura Stumm, Michael Moll and Michael Kolcum represented DWS and announced the deal.
“These kinds of properties rarely trade,” Hannan said in a statement. “Many properties throughout [Beverly Hills’ Golden Triangle] have been owned by families for generations because of their timeless appeal and irreplaceable location, making Beverly Hills a highly sought-after, but challenging, market to access as an investor.”
Though not all retail assets, some notable sales have gone through in the 90210 recently, such as Fashion Nova’s $118 million purchase earlier this month of 407 North Maple Drive, which will serve as the brand’s headquarters once it moves in later this year.
Also, the 300,000-square-foot Wilshire Rodeo Plaza, a mixed-use complex, sold to Tinder co-founder Justin Mateen, his brother Tyler Mateen and their brother-in-law Pouya Abdi for $211 million. The trio plans to rebrand the complex as One Rodeo, as well as upgrade it to allure luxury retail tenants.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
